Student Loans - Are you paying it back?

[TW]Fox;22837926 said:
That money in the bank was earning you more interest than your outstanding loan was acruing :(
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I know that. I just wanted it paid off. I can earn the interest back on that money in the bank with some overtime in a week.
 
Finished Uni in 2006, had the full loan amount to pay back.

Looked earlier this year and worked out I have jsut under 10k to go, which at the current rate/salary is going to be about 17 years I worked out.

Least it's not a tax for life, like the poor current students will have to face.
 
panthro said:
I know that. I just wanted it paid off. I can earn the interest back on that money in the bank with some overtime in a week.
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Or you could have done less work that week and stuffed the overtime yet been no worse off as a result through not giving a lump sum of your money back to the SLC :p
 
[TW]Fox;22837977 said:
Or you could have done less work that week and stuffed the overtime yet been no worse off as a result through not giving a lump sum of your money back to the SLC :p
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At the end of the day I had the money to pay it back. It has to be paid off at some point and I just wanted to pay it back. I am fully aware that I could have made a tiny amount more in interest but I've paid it back and I'm happy to have done so.
 
panthro said:
Why do you care so much? Seriously, what do you care about me paying my student loan back?
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I don't care so much. Why do you think we care so much about your paying it back (enough that you'd post about it)? If you didn't want to be questioned on the sensibility of your paying it back, you shouldn't have shared it.
 
Hatter The Mad said:
I don't care so much. Why do you think we care so much about your paying it back (enough that you'd post about it)? If you didn't want to be questioned on the sensibility of your paying it back, you shouldn't have shared it.
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I'm more than happy to share it because the OP asked and I was happy to share.
 
I'm not at uni, but I manage to live on £11000 a year. Living with parents paying £290 a month for rent.

People worrying they'll struggle to live on £16000 a year with paying back their student loan are mistaken. You'll always have accommodation thanks to your family (as a last resort ofc). So that saves a lot of costs. You could even house share and still live comfortably.

If I ever do decide to go to uni, I'm not going to rush into paying back the loan. The minimum is fine.
 
I think I still owe ~16k of 'debt' which I accumulated over a 4 year degree (clearly on the older tuition fee system). As a previous poster commented I do not see it as debt like a loan in the traditional sense. It does feel more like a graduate tax and I am used to seeing the 72 quid come out of my wages. Unless I come across some serious money I don’t intend on paying it off any sooner.
 
I think I'm on around 30k worth of debt at the moment and due to being on a graduate placement type scheme haven't started paying any back.
 
A cautionary word with regard to student loans.....

I left uni after my 2nd year for personal reasons. I had a post 1998 loan and at the time I am pretty sure the earning threshold was 15k a year. Maybe 16k.

My loan total to repay was £8,000

I started paying it back in 2003.

I'm still paying it back.

I only have £900 left to clear, but I would beware of thinking you pay back what you borrowed.

For the last 5 years I have payed a minimum of £120 a month back (which is what they automatically take from my earnings - stopped at source). Often, though, its more because they calculate what they take based on your gross income for the month - INCLUDING any overtime payments put through on PAYE. Or at least they do for me. Any time I earn a hefty bit of OT, what they take for student loan increases :(

It does not take a genius to work out that in 5 years I have paid nearly enough to clear the original loan completely. However I have been paying it back since 2003! (9 years)

I have absolutely no idea how they have worked it out, but one day I had a shock. I called up and they told me how much was outstanding. After 12 months of payments I called up again and asked for the outstanding balance - I had only cleared £630 off the outstanding balance in 12 months of payments!!! :eek:

Rate of inflation / interest free loan my arse! :mad:

Rob dogs.

Be wary people!! Pay it off early if you can.

***Tangent rant alert****

When I was at school we were told you needed a degree to get a decent job. Thats how it was sold. We were told if you dont have one, you wont ever do very well.

Wish I never went. I dont have a degree, and I have done OK for myself.

Agreed some employment requires a degree, but people can get on in life without one.

Sorry for the little rant - I just hate how our education establishments and wider society make our youngsters feel worthless if they dont go to university and get a degree. It is false advertising of the very worst kind. :(

Cheers

Buff
 
Simon said:
You don't notice it as payrises are just slightly blunted by the additional rises every time.

Sure a snap shot in time makes it look high but its more of a case that you will notice the extra in your pay when you stop paying it back. Pluse of course without the degree it is likely you earn less that what you earn now minus the SLC deduction.
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No, I very much notice it. It is blantelpntly obviuse when you are losing over a 100 a month. It makes a huge difference to what you can afford.
 
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