To wonder why anyone rushes to pay off their student finance?

Mine gets written off when I'm 65. I'm determined to get there without paying it off!

Top tip: if you have two jobs, you get two thresholds so have to pay back less.

My thoughts exactly.

Yes, couldn’t believe it when I discovered this as wasn’t far off the 25 years

Plan 2 is 7.3% though. My son paid his off. He is high earning and will pay in full. However interest was racking up especially when he was earning less with some years interest being higher than his payments that year. Now he is in the situation where he will pay it all back after 13 years of loan he decided to make a lump sum payment to save 4 years of interest from a bonus. His loan was over 30 years.

Those going to uni this year will pay over 40 years. Low earners will never pay it all back, High earners will pay it back quicker and minimise interest. Middle earners will be squeezed middle again. Pay it all and with loads more interest because of the term.

Historically 18% or so would pay in full - under new plan 50-60% will!

Mortgage companies take it into account in terms of affordability (rather than as a capital debt).

You forget too that under plan 1 your tuition was probably only about £3k rather than over £9k. Thus the monthly payments for those plan 2 would go on for far longer even when they earn more.

I’m plan 1, after years of paying some off then it going back up due to sodding interest/me being on mat leave or part time I’m finally getting it down. I’m going to overpay. Mine doesn’t get written off after 25 years sadly. I now earn around 50/60k (self employed) It’s only about 5k now anyway.

I had an issue with my mortgage. I needed a bigger deposit because of it. I also looked at shared ownership years ago and knocked back on affordability because of it. The interest rate used to be so low and it was great but I don't trust that it won't increase again. I just want it off my shoulders.

When it gets wiped is down to when you went to uni. Those of us who started between 1998 and 2006 (in England, Wales and NI) will be saddled with ours until 65.

www.gov.uk/repaying-your-student-loan/when-your-student-loan-gets-written-off-or-cancelled

You can calculate what you will pay back here:

studentfinancecalculator.co.uk/

I put into the system a 4-year course starting in 2020 with a £100,000 loan and a salary of £35,000. This person would pay back N estimated £81,000.

Our student loans have significantly impacted our ability to borrow on our mortgage. I’ll never be able to pay mine off as my fees were so high and interest is insane. We can pay my husbands off and this will help as they’re looking at monthly commitments not balances

Surely anyone who has bothered to get a degree in the first place should want to be earning well above an average salary.

The interest rate was at 6 percent not so long ago. The interest depends on the base rate. I want to pay mine off ASAP because I don't want to be paying the interest and I want rid of the big chunks of money coming out of my wage every month. It also has an impact on any affordability assessments.

The reason many never pay it off is because the interest is so high that you are paying long after you have cleared the original sum borrowed.

If youre a high earner and will pay it off eventually then it makes financial sense to pay it as quickly as possible.

If youre a low earner than I guess no mad rush. It really does depend on the plan though. The rules on the current plan are such that it isn't cancelled for a very very long time and far more people will pay it off.

I’ve mostly paid it off recently because the rate is higher than my savings or mortgage payments and I would have cleared it in my working life. I’ll be glad to have the extra money each month and be rid of it.

I guess if you are a sahm or earn under the threshold for making payments then you wouldn't rush to pay it back if you never expect to be a high earner. Anyone else, especially given it is a pretty small amount by today's standards would be wise to pay it back as quickly as possible otherwise you will end up paying back much more than you borrowed.

Mine doesn't get written off until I'm 65 :(

Not everyone has;

• supportive parents
• living parents
• parents with space to put them up
• parents who can afford to sub them
• the ability to work in a job that pays enough to save
• the ability to work and study

You’ve been lucky - not everyone is so fortunate.

Student loans are never asked when you apply for mortgages etc. I probably only paid about £1200 off over the past ten years - only got it deducted on the pay when got 2-3% of my basic contract pay as bonus. As SLC think I got this pay every time (I bloody wish)

Each year, the T&Cs change and its based when you take it out.

Plus with mine, if I retire - either hit state pension age or too ill to work any further, it gets cleared. When I die and any outstanding balance gets cleared.

I started uni in 2000 and graduated in 2003.

Many incomes will pay it off and therefore pay more by taking longer to pay it off.

Many people will also still be on mortgages that are less than 4.something percent.

This only makes sense if you’ve actually done the sums and don’t expect to earn enough that you’ll ever pay it off (without overpaying). You haven’t stated this so we’re all confused.

That’s not exactly cheap, but yeah - if your mortgage interest is even higher than that prioritise putting any savings into the mortgage.