Pay off student loan?

[Lancstree]

The advice I hear and read is to pay off the minimum which is what they take directly out of my wage based on a percentage of my wage. However in doing this I'm not paying off the interest so the debt is increasing and I'm wondering if I should start to pay more to nudge it in the 'right' direction. Anybody in a similar circumstance or know someone who is?

[Charlieh]

pay it off asap is my advice i paid £400 quid of my 12K remaining (i enjoyed uni....a lot!) and within 2 weeks they had £40 interest back on so within 2 weeks 10% of what i paid of had gone back on.

 

simple fact is that if you pay what is required and you have a big loan, you likely wont ever pay it all off,

 

Fact is they keep jumping the interest rate around, originally it was supposed to stay low, but at one point in the last 12months its been at 4.4%, its very bad to have if your self employed and trying to sort a house, mine has caused me nothing but trouble. oh year and 4 years at uni i cant remember

 

oh yes and you cant fill in the short self assessment tax return if you have a stundet loan

[Quickthorn]

Either that, or work out what you can afford to pay, still pay them the minimum and put the difference in a savings account. You can get ISAs that will pay 7% tax free, which is probably a lot more than the interest on your student loan.

[Charlieh]

student loan is a compounded interest if it goes above 3% its more economical for me to pay that than put money in my ISA, due to the way they charge interest

[detritus21]

I paid mine in one go as I saw the interst payments. You can phone them up and pay extra if you have the extra to pay. In my oppinion the quicker you pay the things off the better. When I first got mine the interest was only 1.3% then gordon brown decided that 4.5% interest would be fairer. Interest on 3grand went from just over a quid a month to about a 5 quid

[Lancstree]

I've got a lot more than that to pay so no chance of paying in one. I heard it gets scratched when you reach 60? There's no pockets in shrouds!