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To not pay off my student loan (current SAHM) even though we can afford it?

(341 Posts)
SwissSarah Fri 27-Jan-17 18:54:12

I got my degree 10 years ago and have about £10K to pay from my student loan. I never earned enough to pay back any of it pre kids (did low paid community work) and have been a SAHM for 5 years and plan to be for at least the next 5. I anticipate never working full time and probably doing lots of voluntary stuff in the community as that's what I love doing. (DH earns well so no pressure to earn myself)

My DH thinks we should pay it back as I borrowed it. I think that I am contributing massively to my local community and giving back in so many other ways and if I'm not earning enough then I shouldn't worry about not paying it back. What do you think??

gabsdot Fri 27-Jan-17 18:55:05

I think you should pay your debts.

TowerRavenSeven Fri 27-Jan-17 18:56:29

Yabu. Of course you should pay it back!

Downstairspoo Fri 27-Jan-17 18:57:03

Presumably it would be paid back from your DH's income? Pay it back from your income alone so don't if you're not working. Those are the terms on which it was lent and remember the loans were inroduced to replace free uni education! Used to be interest free though until you started earning over a threshold, is it still?

simplysarcastic Fri 27-Jan-17 18:57:21

Um.. I think you should pay it back

Mummyoflittledragon Fri 27-Jan-17 18:57:22

I paid mine back as soon as I started working. I didn't need to because I didn't earn enough. I saw it as my responsibility to pay the money forward. Your husband is correct. I am actually quite shocked by your attitude.

SprogletsMum Fri 27-Jan-17 18:57:39

I think that if by the rules of the loan you don't have to pay it back, then you don't have to pay it back!

ThroughThickAndThin01 Fri 27-Jan-17 18:57:48

Pay it back. It's a debt you owe.

Musicaltheatremum Fri 27-Jan-17 18:58:20

If you're not earning enough to pay it back then do you have the capital to do so. If you have plenty then pay it back but the whole point of the loan is that you only have to pay it back if you earn enough to pay back through your tax code/return.

bobbinpop Fri 27-Jan-17 18:58:43

YANBU! You can save it for your own DC's education. You are adhering to the terms so don't feel bad.

Sybis Fri 27-Jan-17 18:59:39

I'm with you OP. I wouldn't pay back 10k that I wasn't legally required to pay back.

googietheegg Fri 27-Jan-17 19:00:12

Sod that! Why should your dh pay your loan? Yes pay it back when you earn enough as per the terms you borrowed it but not before.

unlimiteddilutingjuice Fri 27-Jan-17 19:00:20

You are legally entitled to defer. Its up to you if you want to pay it off or not.
Defering is a bit of a paid in the arse and if you forget to do it one year, or the paperwork goes missing, you can get stung with a bill anyway.
So it might give you more peace of mind in the end, just to get it out of the way rather than go through the whole rigmarole every year.....

QuackDuckQuack Fri 27-Jan-17 19:00:30

It depends on whether it is one of those ones that gets written off after a certain period of time and few people will actually pay back in full. Those are a gamble in some ways and effectively a graduate tax. There's no way I'd pay more than I had to on one of those.

Beebeeeight Fri 27-Jan-17 19:00:39

Student loans are tax not debt.

No one pays extra tax.

If you are eligible for deferment there is nothing morally wrong with doing that.

It was written into the loan contracts for a reason.

Thousands of graduates will never pay back their loans.

The government budgeted for this.

People on this thread are unbelievable!

5OBalesofHay Fri 27-Jan-17 19:01:10

Yes you should pay it. It's owed to the people who lent it to you.

Helloitsme87 Fri 27-Jan-17 19:01:16

No don't pay it back. You may well be earning some day and you never know what's around the corner. Unless you leagally have to pay it back then I would hold off.
What if your husband could no longer work and you wish you had savings etc.
Pay back when you have too (unless you want it out your life)

KoolKoala07 Fri 27-Jan-17 19:01:29

You were given the help of a student loan, paying it back will enable someone else to gain further education and so on. What if everyone just said I'm not going to bother paying my student loan back?

SwissSarah Fri 27-Jan-17 19:01:55

I didn't take it out expecting to not pay it back at all, it's just how things have panned out. As some of you have pointed out, is is keeping within the terms of the loan. But it does feel cheeky!

SorrelSoup Fri 27-Jan-17 19:02:23

YANBU. Do not pay it back. Even Martin Lewis says don't pay it back. It doesn't go on your credit report and when you die, it dies with you. When does it get written off? Just forget about it.

noeuf Fri 27-Jan-17 19:03:00

I've never earned enough to repay it. If I did I would. Dh earns enough to cover it but that's not really the deal I signed up for.
Only about three years till it's written off, hooray.

NewPapaGuinea Fri 27-Jan-17 19:03:22

No way, you'd be crazy to pay it you don't need to!

Pistachiois50pmore Fri 27-Jan-17 19:04:32

If your DH is offering to pay it off for you, that's very nice of him. Presumably you may well need to get a job at some point in your life, and at that point it would be better not to owe it. I don't think you have a moral obligation to pay it back, but it's just better all round for you if you do. I finally paid mine off last year and instantly had £100 a month more take home and I wasn't earning all that much (I work for a charity).

Stripyhoglets Fri 27-Jan-17 19:04:44

Don't pay it back unless you need to.

Patriciathestripper1 Fri 27-Jan-17 19:10:19

staying home by choice is not a reason to not pay back the loan.
The idea is that you get the loan to pay for the education So you can get a good job. Just because you have decided not to get the job dosnt mean you shouldn't pay it back. Morally you should pay it back.

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