Say if I studied at uni for four years, and I accumulated a debt of £36k in tuition fee loans and £30k in maintenance fee loans, if say when I started working i earned 20k a year, and i lived with my parents and decided that i wanted pay off my loans everytime i got a pay check (with reason, so like 80% of my paycheck), would that be possible. How would the interest work, does the amount of interest increase the longer you take to pay it back or does it stay the same so is it poitnless for me to do this and should i pay it back the normal way? Also how much is the interest, would it be like x1.25?
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When can we pay off student loans and how much interest do we get? watch
- Thread Starter
- 23-01-2017 22:30
- 23-01-2017 22:33
You'd be paying it off unnecessarily, considering your don't actually need to start paying anything back until you're earning over £21K.