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    • BerrysBottom
    • By BerrysBottom 28th Jan 19, 8:16 PM
    • 1Posts
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    BerrysBottom
    Repaying small SLs
    • #1
    • 28th Jan 19, 8:16 PM
    Repaying small SLs 28th Jan 19 at 8:16 PM
    My daughter went to a Uni for one year last year, decided she didn't like it and has racked up a SL debt of around 11.5k. She's now got a well paying job now and has started repaying her student loan back. At a current rate of interest of 6.1% I'm wondering if it's worth paying it off?
Page 1
    • Ed-1
    • By Ed-1 28th Jan 19, 9:09 PM
    • 2,545 Posts
    • 1,340 Thanks
    Ed-1
    • #2
    • 28th Jan 19, 9:09 PM
    • #2
    • 28th Jan 19, 9:09 PM
    My daughter went to a Uni for one year last year, decided she didn't like it and has racked up a SL debt of around 11.5k. She's now got a well paying job now and has started repaying her student loan back. At a current rate of interest of 6.1% I'm wondering if it's worth paying it off?
    Originally posted by BerrysBottom
    Wait for the post-18 education and funding review to report. There's a high likelihood the interest will come down from the current 6.3% (it's a politically toxic part of the system):

    https://www.thetimes.co.uk/article/student-loan-interest-must-be-scrapped-wm8v39dzd
    • silvercar
    • By silvercar 28th Jan 19, 9:23 PM
    • 38,874 Posts
    • 162,327 Thanks
    silvercar
    • #3
    • 28th Jan 19, 9:23 PM
    • #3
    • 28th Jan 19, 9:23 PM
    You can work out how long it will take to pay back at 9% of everything she earns over 25,000. Calculate at various interest rates and see how long the payback is.
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