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Student Loan

Discussion in 'Personal' started by Chatterbox1607, May 1, 2012.

  1. Chatterbox1607

    Chatterbox1607 New commenter

    I was just wondering in terms of your student loan do you just pay of the amount taken from your wage or do you try to pay more each month? Should you just pay the bare minimum in the knowledge that when you turn 65 it is wiped? Please discuss...
     
  2. Chatterbox1607

    Chatterbox1607 New commenter

    I was just wondering in terms of your student loan do you just pay of the amount taken from your wage or do you try to pay more each month? Should you just pay the bare minimum in the knowledge that when you turn 65 it is wiped? Please discuss...
     
  3. sleepyhead

    sleepyhead New commenter

    You borrowed it, therefore you should pay it back, in my opinion.
    I overpaid mine, otherwise I would still be paying it now!
     
  4. Chatterbox1607

    Chatterbox1607 New commenter

    If you dont mind me asking how much did you pay a month? I would like to get it out the way I feel.
     
  5. Crowbob

    Crowbob Established commenter

    It is foolish to overpay (if you are on the post 1998 system). Put the money into an ISA and it will EARN more interest than it will attract as a loan. It is the best debt you will ever have. It is daft to pay it off (when there is ultra-low interest).
    Save it and then use it to reduce the value of less wonderful debt (like a mortgage).
    Also work out what difference overpaying will make. If you owe a lot, overpayment may not reduce the term by very long.
     

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