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How long to pay of the student loans...

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    I was just wondering on how long it would take people to pay off their student loans!
    For example after 3 years i expect to leave uni with £30,000 worth od debt, and expect to earn around £20,000 to £25,000. Which means month payments of £35.
    So how long will it take me to repay then entire loan?

    Also say after uni i still have £3000 worth of savings, is there a way to pay this off my student loan as a lump sum? Or is that not possable.
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    After 25 years what ever is left to pay is written off.
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    Yes, you can always pay off your student loan in a lump sum.

    I've got about £800 to pay back, but won't be earning over the threshold for repayments for the foreseeable future lol. I'll probably still be working part time for the next few years. The SLC can stick it lol.
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    (Original post by caraa91)
    After 25 years what ever is left to pay is written off.
    Do many students end up like this? OR do most pay it off
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    It depends on how much you borrowed and what you earn.
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    (Original post by mini_lidi)
    Do many students end up like this? OR do most pay it off
    Most on the 'new' system (current one) won't manage to pay it off entirely.
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    yeh. £20 grands worth of debt when i graduate. how this is ever going to be repaid with pitance amounts per month i do not know.

    how do people deal with their debt? i mean in the mind? i don't know whether to panic about it or just think 'screw it' and not concern myself with it, just occassionally look at the automatic repayments on my bank statment every month.
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    (Original post by Ilora-Danon)
    Yes, you can always pay off your student loan in a lump sum..
    But can u pay like say £1000 lump sums every so often, ornot?
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    i'd assume you can give the SLC whatever amount you want, whenever. theyre hardly going to turn your money down.
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    (Original post by Ham22)
    yeh. £20 grands worth of debt when i graduate. how this is ever going to be repaid with pitance amounts per month i do not know.

    how do people deal with their debt? i mean in the mind? i don't know whether to panic about it or just think 'screw it' and not concern myself with it, just occassionally look at the automatic repayments on my bank statment every month.
    It doesn't come out of your bank.

    It's like a tax - removed from your salary before it reaches you. Not worth worrying about.

    According to the SLC website, calculating on my current salary of £15k and my initial loan of £21k.


    You will, however not repay it within 25 years. After 25 years the remaining balance of £75151.42 will be written off.


    :rofl:
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    (Original post by mini_lidi)
    But can u pay like say £1000 lump sums every so often, ornot?
    I don't see why not, they're not going to say no to money are they? :tongue:
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    (Original post by mini_lidi)
    But can u pay like say £1000 lump sums every so often, ornot?
    Yes, you can.
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    you should ask for a receipt when you do though. i saw it on the news where a woman paid lump sums to the SLC and later they told her they had no record of it, so she was screwed.
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    (Original post by mini_lidi)
    But can u pay like say £1000 lump sums every so often, ornot?
    Why would you do that - the loan does not increase in real terms so you'd only be wasting money. Better to put it in a cash ISA or something like that.

    Didn't someone say that they [SLC] only get 70% of their loans back?
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    Yeah i have been told just to put my money in a high intrest saver rather then paying lump sums of my debt.

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