Student Loans - Are you paying it back?

fiveub

fiveub

fiveub

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With regards to student loans, are you paying yours back? And are you aiming to pay it off quickly, or are you paying off the minimum you can?

I guess paying off the minimum is the best option (correct me if wrong), as there is no interest which means there is no need to rush into paying it off as it is not a bad debt?

Just wanted to hear the thoughts of the graduates!
 
I am only paying mine back on its minimum, it comes out as a deduction (pretty much like Tax and NI does) on its minimum based on your salary, although I dont count it as serious debt as I would with credit cards or a proper loan from a loan company, and many others see it that way.

There is no point crippling yourself when you finish uni and get your first job trying to pay it off.

Just forget about it and let it come out as part of your deductions, I never see it or think about it really.

Only took £4k out over 3 years so not as OTT as some, probably halfed that with minimum payments, have around £2k to pay back.

But I dont see it as real debt nor will I ever worry about it.
 
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I am paying mine back but am the only person I know who intends to pay it off / is consciously paying it off.

The general attitude of my friends is that they don't care as they don't notice the X-amount coming out of their pay each month.

I don't like debt of any sort, even if it is not pressing. Do you mind explaining bad debt to me?
 
Paid off about £60 through paye this year, don't intend on ever paying off more than required. Interest is matched at inflation so the 'real' cost stays the same (although there are different measures of inflation and such which make this subjective).
 
If you're earning £15,000-£20,000 so little comes off it makes practically no difference. If you're earning £40,000+, quite a bit more comes off - but it's not like you can't live off £38,000...
 
Paying the minimum off but because my longest employers were a couple of ********* **** etc. (lots of swearing) it hasn't actually been paid into in about a year. I just started a new job last month and the loans company have been on asking me if I'm unemployed, despite supposedly having already made one loans payment. ARgh.
 
Is there a way to login through the Student Loans Company to see an updated balance of the loan? So you can see it decreasing? - Or can you only phone up or ask for a paper statement?
 
I have friends who just change jobs very often, i.e. do temp and short term contracts. The Student Loan Company/HMRC are pretty rubbuish at tracking you down to take it out of your salary. One I know hasn't paid anything in 6 years.
 
Nope, they sent a letter to my home the other day, got my mum to reply saying I was abroad, currently seeking work, and they wrote back saying they'd leave me alone for the next year. Handy :)
 
Ooh - I should add that you should call them up for an updated balance every so often. My last annual statement was just under £300 out...

Had to send payslips off to them and they sorted it out fairly promptly.

Add up the amounts deducted and check it against any statements they send you :)
 
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