The Student Room Group

Student loan repayment organiser

I'm in FTE and currently paying my £20,000 loan back at £300/month. I have been organising my repayments using a Spreadsheet I designed to track the rate of payment and interest conversion per month, however I'm not sure my calculations are correct, as by my calculations I am paying around £36 a month in interest.


# First off, do my interest calculations sound about right?

# Secondly, is paying a higher rate each month than the minimum a sound plan? While interest rates are fairly low it seems better to me to pay off my loan quicker than investing/saving my money.

# Lastly, does anyone have access to a Spreadsheet that is more sufficient than mine that I can use to track my progress in paying off my loan, or are there online financia calculators that would be well suited to this compared to the SLC repayment calculator? I work away from home so don't have access to my postal correspondence, and the online management side of the repayments a mess, plus I find the SLC a useless financial institution wholly.

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