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.
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.
(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.