My student loan will turn from £39,000 to £154,000 in 30 years

Is it 5.5%, I thought it was 3.5%? You can pay a lump sum, I plan to do this after I buy my first house.

I don't understand your point no.2.
You pay 9% over £21,000. So by my calculation, if you averaged £35,000 for 30 years, you'd pay back around £37,800 before it's written off.

You'd still be down £37800 In the long run though, which in my opinion is Still a heck of a lot, especially compared to the previous system.

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Well I'm ****ed because my student loan is £92000 to start with for my pilot's licence.

A lot of people try to get as much student loan as they can (me included) with the idea that it will be cancelled after 30 years. There's three problems with this that have made me feel a bit uneasy.

1. Having a £39,000 debt for the next 30 years. 30 YEARS!!! That's a long time. I know it's not "proper" debt, but it will still be sucking money from you every pay cheque you get. Although it won't affect you straight after university (chances are your salary will be fairly low), as you climb up the ladder, the higher you climb, the more money will be taken from you.

2. I will have a student loan of £39,000. If my salary average £35,000 throughout the next 30 years, with my loan having an interest rate of 5.5%, after 30 years I still wouldn't have paid back all my student loan therefore it would be cancelled. And that's great for me! However, I would have paid back £154,685 in that time! Source

3. The government can change their policies whenever they want. There are clauses in the T&C's allowing them room to do this fairly easily. Imagine if after 29 years your loan has increased up to £150k+ with interest, and then they change the policies making you pay it ALL back.

Does anyone else worry about this? Would it be worth overpaying the student loan? But then again, the government could cancel all student debt. Unlikely, but it could happen, and it would suck if you'd just finished paying it all off.

The interest on my loan is 1.5%?

Re point 2, your salary will increase every year (due to inflation) so in 30 years time, even if you stayed in the same job/role, your salary as a number would increase too.

The new student loans are RPI + 3%. Older ones are cheaper.

Wow that is expensive..

But the repayment threshold on the new loans is higher.

But in real terms with inflation, that £21K threshold will shrink because the govt refuses to raise the limit.

But the repayment threshold on the new loans is higher.

A lot of people try to get as much student loan as they can (me included) with the idea that it will be cancelled after 30 years. There's three problems with this that have made me feel a bit uneasy.

1. Having a £39,000 debt for the next 30 years. 30 YEARS!!! That's a long time. I know it's not "proper" debt, but it will still be sucking money from you every pay cheque you get. Although it won't affect you straight after university (chances are your salary will be fairly low), as you climb up the ladder, the higher you climb, the more money will be taken from you.

2. I will have a student loan of £39,000. If my salary average £35,000 throughout the next 30 years, with my loan having an interest rate of 5.5%, after 30 years I still wouldn't have paid back all my student loan therefore it would be cancelled. And that's great for me! However, I would have paid back £154,685 in that time! Source

3. The government can change their policies whenever they want. There are clauses in the T&C's allowing them room to do this fairly easily. Imagine if after 29 years your loan has increased up to £150k+ with interest, and then they change the policies making you pay it ALL back.

Does anyone else worry about this? Would it be worth overpaying the student loan? But then again, the government could cancel all student debt. Unlikely, but it could happen, and it would suck if you'd just finished paying it all off.