When can I start repaying my student loans?

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Anonymous #1
#1
Report Thread starter 4 weeks ago
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Hi guys, I have a part time job in which I’m earning money through bank transfer. I’m a 3rd year medical student on a 5 year course and I’m aware that my student loan repayments will be deducted in monthly instalments. Can I start repaying immediately since I currently have a source of income (and it’s one less thing to worry about by the time I graduate)? Thank you!
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999tigger
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Report 4 weeks ago
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(Original post by Anonymous)
Hi guys, I have a part time job in which I’m earning money through bank transfer. I’m a 3rd year medical student on a 5 year course and I’m aware that my student loan repayments will be deducted in monthly instalments. Can I start repaying immediately since I currently have a source of income (and it’s one less thing to worry about by the time I graduate)? Thank you!
In most cases its not worth attempting to pay off.
Deductions only start once you start earning over c £26k, then its 9% of the excess.
I would keep your money and save it for dating or a house deposit.
The vast majority of people never pay it off before its written off.
You shouldnt be worried about it at all as its a quasi loan which is more akin to a tax rather than a commercial loan.
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Anonymous #1
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Report Thread starter 4 weeks ago
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(Original post by 999tigger)
In most cases its not worth attempting to pay off.
Deductions only start once you start earning over c £26k, then its 9% of the excess.
I would keep your money and save it for dating or a house deposit.
The vast majority of people never pay it off before its written off.
You shouldnt be worried about it at all as its a quasi loan which is more akin to a tax rather than a commercial loan.
I’m planning to move abroad with my family in around 4/5 years time so what action would you advise? How does a student loan get written off? After I graduate, the base salary of a junior doctor is 28k so I would have to start paying off my student loan as soon as I graduate, wouldn’t I? I’m still quite confused so I’d appreciate your thoughts!
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999tigger
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Report 4 weeks ago
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(Original post by Anonymous)
I’m planning to move abroad with my family in around 4/5 years time so what action would you advise? How does a student loan get written off? After I graduate, the base salary of a junior doctor is 28k so I would have to start paying off my student loan as soon as I graduate, wouldn’t I? I’m still quite confused so I’d appreciate your thoughts!
I dont know the exact calculation, but the vast majority never pay it off fully.
Someone may have done the calculation.

I think unless you are rich or will be paid a very high salary in a relatively short space of time, then its not worth it.

There have been numerous cases of students viewing it as traditional debt and using inheritance or savings early on and ending up being much worse off as they would never have repaid the whole and using such money was pointless.

Remember is 9% of the excess, so 28k is 2k over and then 9% of that. i.e £180.
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