Student Loans

Just looked at the SLC site at the interest rates on the loans which us students have. Seemed ideal in 2001 when i initially took mine out - only 2.3% and it has been between 1.3% APR and 3.2%APR up until this academic year. This year it has jumped up to 4.8% APR! I still owe the majority of my loan as I only appear to have paid the interest off in the last 4 years of work.

Anyone else suffering a similar loan burden?

[squirrel_hunter]

Originally Posted by robchester

Anyone else suffering a similar loan burden?

Yes.

There is much to say on this state of affairs...

[phil24_7]

Me too but I tend to ignore it and hope it will all go away.

I'm on the old style student loans as well as the new style so at the mo I'm only paying the newer one back.

[pmapp]

Yup.

I just leave it alone and forget about it. It will eventaully get paid off.


I do however wish I never got it, I never actaully needed it. Had some good nights out though

[anna]

yes I am in a smiliar postion although now i am a student again i dont have to worry about it until I graduate again in July. I dont actually think that it's a loan that i will be able to pay back in my lifetime though.. roll on 50 when it gets written off

Rob - I have yet to start repaying mine, and I am due to receive one last installment. I thought the interest rate where ment to be quite low (les than 2.5%); over 4% is stupid. Anyway, I was talking with my parents about all this (I am constantly worried about paying it off) and they said just pay off what you are asked to each month; the debt gets cleared by the time you reach retirment age anyway (or so I have been lead to beleive).

So try not to worry about it; the guys on here have told me its not a "bad" debt to have, its like a morgage in that its an acceptable debt since its sort of nessacery (i.e. you cant get a house without a morgage, and most poeple cant get through uni without the student loan)

Matt

I paid a massive chunk of mine off this month as when I finally got my statement through for last year I'd paid £376 in interest and paid £390 odd off the loan. So this year I paid a grand total of about £14 off a £13,000 loan. TBH I just want rid of it, the interest rate has jumped up a lot this year.

I had quite a large loan when I finished uni, and my parents decided to pay it off for me - despite me telling them that the interest rate is still very low.

If I could have afforded uni without the loan, I would have plopped the whole lot into an ISA and let the interest from that pay off the loan - the loan rate is still low compared to interest in ISA's.

However - it is rediculous how they have been allowed to bump up the interest rate when the BoE interest rates have been dropping.

Out of curiosity how much are your loans for?

When I started uni back in '92 I had a full grant of £2400. By my final year the grant had diminished to about £1.5k a year so I left uni with an o/d of £1400 & about £3-4k in student loans.


Ah, the good ol' days when you changed your bed sheets once a year (i.e. when you took them home for summer).

Dirk, my loan debt will be pushing over £20k...4 years course, with the maximum loan given to me each year. 5500+5500+6500+6500

ouch

Matt