Do student loans increase by interest even after you graduate?

Hi,
So I’m at uni in my first year Studying medicine. I’m getting the usual £9250 tuition fee and I’m also getting £8700 maintenance loan per year. My first question is does student debt increase every year even after I graduate? And if so how much roughly by. Also I’m thinking of reducing my maintenance loan so I won’t be in as much debt but as a doctor who could get paid potenatially around 60-70k a year once experienced enough, will I pay back all of my student loans, would it be worth it for me to get less maintenance loans in order to payback less as I don’t need 8700 as it’s too much.
Thanks for your time

Reply 1

claireestelle

22

Original post by AJ0203

Hi,
So I’m at uni in my first year Studying medicine. I’m getting the usual £9250 tuition fee and I’m also getting £8700 maintenance loan per year. My first question is does student debt increase every year even after I graduate? And if so how much roughly by. Also I’m thinking of reducing my maintenance loan so I won’t be in as much debt but as a doctor who could get paid potenatially around 60-70k a year once experienced enough, will I pay back all of my student loans, would it be worth it for me to get less maintenance loans in order to payback less as I don’t need 8700 as it’s too much.
Thanks for your time

Yes the interest is added on each year after graduating but it's very cheap debt really. In most cases it's not that beneficial to overpay. It depends how quickly you d get to that salary whether you d pay it all off or not.

Original post by AJ0203

Hi,
So I’m at uni in my first year Studying medicine. I’m getting the usual £9250 tuition fee and I’m also getting £8700 maintenance loan per year. My first question is does student debt increase every year even after I graduate? And if so how much roughly by. Also I’m thinking of reducing my maintenance loan so I won’t be in as much debt but as a doctor who could get paid potenatially around 60-70k a year once experienced enough, will I pay back all of my student loans, would it be worth it for me to get less maintenance loans in order to payback less as I don’t need 8700 as it’s too much.
Thanks for your time

Hi there,

If you wish to query the repayment of your loan we would advise to contact our Repayments department directly. You can contact them on 0300 100 0611 (Opening Hours: 8:00am to 8:00pm Monday to Friday and between 9:00am and 4:00pm on Saturday).

Thanks,
Erin K

Do student loans increase by interest even after you graduate?

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