Repaying small SLs
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BerrysBottom
Posts: 2 Newbie
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?
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BerrysBottom wrote: »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?
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-wm8v39dzd0 -
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.I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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