I don't like loans, but after graduating in 2014 I got a letter from Student Finance stating my student loan amounted to about £24,000. So I thought it would be an excellent idea to try pay it off with my new salary from my job.
I did my very best to put as much money into it as possible and paid off about £7,000. However, I was later informed that it is not necessary or even a good idea to pay back your student loan on your own terms... the money could be better spent/saved elsewhere. So, for a whole year, I had dedicated myself to try pay as much as possible into my student loan.
Now, I truly regret that decision. I was completely uninformed about student loans and thought I was doing the right thing, all my life I have looked at loans as a bad thing that should be paid off ASAP. I feel this is now really unfair as I have paid A LOT of money into it, for nothing.
So my huge question is, is there any... ANY way to get back those payments I made last year? I was terribly misinformed and thought I was doing the right thing. Now I feel terrible as I want to save for a house. I feel that all that time last year was completely wasted, like a lost year of my life
Someone please help!
Student finance re-payments = mistake!! Watch
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Last edited by Digital_Love; 26-05-2016 at 20:46.
- 26-05-2016 20:29
(Original post by Digital_Love)
- 26-05-2016 20:57
So my huge question is, is there any... ANY way to get back those payments I made last year?
Besides, if you really feel that strongly about being in debt then it may have been a good move for your own peace of mind. If you keep up that rate of repayment, you could be debt-free in less than three years. Maybe that's the right goal for your personal world view. The money is gone and you can't get it back - best to cultivate a more positive atitude to what is, after all, a significant achievement.
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- 26-05-2016 21:35
You'd only get your money back if you paid via your wages and at the end of the year, you actually earnt less than £21k. (or roughly £17k if you started before September 2012)
- 27-05-2016 15:07
Student loans is a misleading name.
Yes, they are a loan, but the repayment scheme is not that of a normal loan.
You repay 9% of what you earn, above £21k pa at a minimum, it is not advised to pay back any more than this, as most people will not ever pay back their student loan in full, and any remaining debt after 30 years is nulled.