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Original poster

Just paid off my student loan

82 replies

ChiefClerkDrumknott · 15/02/2022 13:38

After taking it out in 2000 😱 Had a few years where I didn’t pay off anything due to not earning enough. Then over the last 2 years or so I’ve managed to get a lot of overtime and chipped away at it.

On the one hand I’m pleased it’s done, on the other I’m horrified at how long ago it was that I first had it. 2000 was like 8 years ago, yeah?

OP posts:
ElliotGoss · 15/02/2022 19:43

DH only did 2 years at uni. It still costs us £500 a month. For what?! He didn't even get a degree. Such dead money.

Butternutsqoosh · 15/02/2022 19:49

Congratulations!! Mine (from 1994 and only £1500 total!) was written off last year finally! Thank god, written off because I've never earns enough to make any payments on it - that's the tragic part!

FlexibleWorkingDenied · 15/02/2022 19:56

Tip: When I paid mine off last year I started putting the exact same amount into AVCs (additional voluntary contributions) to my pension, as I never had that amount to miss.

Interested in this thread?

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Debt General money
Someaddedsugar · 15/02/2022 20:08

Congrats @ChiefClerkDrumknott - that's amazing!! Like a PP has said I hope you're celebrating 🥳

I think I have 6 years left to pay on mine (taken out in 2008 so the £3k a year tuition fees - not sure what plan that is). I'm hoping I can get it paid a bit quicker to get it out of the way. I'll be over the moon if I can get it paid off in 4 years.

Someaddedsugar · 15/02/2022 20:09

That's a good suggestion @FlexibleWorkingDenied thank you!

SockFluffInTheBath · 15/02/2022 20:12

2000 was like 8 years ago, yeah?

Grin

Well done OP.

lanzawaiting · 15/02/2022 20:16

@ChiefClerkDrumknott make sure you do a follow up check. I paid mine off two years ago (after 20 years!) and later found out that I had overpaid by £1400. Nice to have that come back into the account!

tygga · 15/02/2022 20:17

Personally I'm determined to get to retirement without paying it off but it's unlikely.

This was my plan, although I think I will fail 😆

Plump82 · 15/02/2022 20:26

I had paid mine off about 2 years ago and was still paying it! It wasn't until my mum mentioned that I should check how much was outstanding that I thought to investigate. I had changed address when I was paid off and they'd sent me letters advising but I hadn't updated them with my new details. So that came as a nice suprised when I got it paid back!

camperqueen54 · 15/02/2022 20:28

I'm pretty sure Martin Lewis says it makes no sense to pay this off early but hey ho!

QuiltedHippo · 15/02/2022 20:30

Congratulations!
I'm currently on mat leave so the interest will be stacking up Hmm

QuiltedHippo · 15/02/2022 20:31

@camperqueen54

I'm pretty sure Martin Lewis says it makes no sense to pay this off early but hey ho!
You can't help paying it off if you'd earned more through overtime like the OP says
mjf981 · 15/02/2022 20:59

Trying to frame SL as a ‘graduate tax’ is marketing BS. It’s a debt like any other. You’re charged interest on it. And you need to pay it back, so it reduces your take home income.

AwkwardPaws27 · 15/02/2022 21:04

@mjf981

Trying to frame SL as a ‘graduate tax’ is marketing BS. It’s a debt like any other. You’re charged interest on it. And you need to pay it back, so it reduces your take home income.
True - but they add more interest each month than I can afford to pay back, & they'll keep adding it when I'm on mat leave or if I earn less than the repayment threshold. Unless I magically walk into a 6-figure job tomorrow, its basically a tax on my earnings. It doesn't affect my eligibility for a mortgage in the same way as other debt - the total amount owed isn't counted, only the amount I pay back each month.
Donatella · 15/02/2022 21:12

I've got a Plan 1 and and Plan 2, the Plan 1 is from 1998 so even older than yours. I think I will pay them both off this year and I can't bloody wait!!

RandomMess · 15/02/2022 21:20

I have the old style ones, 95 & 96. They got written off last year as I never quite earned enough to have to repay.

What surprised me most is that they got in touch with me to tell me rather than me have to chase them!

CovidCorvid · 15/02/2022 21:21

Half of mine was written off earlier this year, from 1994-1997! Grin

I only started paying it back a couple of years ago.

Porfre · 15/02/2022 21:31

Wow well done!
I've only got a few months left.
Cant wait!

Graduated 2008

JackieCollinshasnoauthority · 15/02/2022 21:38

@ElliotGoss

DH only did 2 years at uni. It still costs us £500 a month. For what?! He didn't even get a degree. Such dead money.
Is this the most complicated stealth brag ever?
Porfre · 15/02/2022 21:42

I was on plan 1

Did 5 years but had to resit a year so was at university for 6.

Ended with over 25k debt.

Luckily ( or unluckily because we were poor) I had my tuition fees paid for me, but they were 1k a year. So mydebt was just living costs and accommodation.

They started sending me letters last year to say that my loan was coming to an end and if I wanted to do lump sum. But checked it and still around 3k left.
So decided to wait a few months.

By my calculations it should naturally end around June/ July.

So may do a lump sum around April.

DistrictCommissioner · 15/02/2022 21:49

Haha JackieCollinshasnoauthority I thought the same. I want the job that doesn’t require a degree that pays so well Grin

mogschristmascalamity · 15/02/2022 21:52

I graduated in 2006. It was living costs only as started in 2003 before the big fees. I'll never earn enough to pay it back. I dont even make enough for monthly payments.

It will be written off eventually.

TizerorFizz · 15/02/2022 21:52

No one who starts uni will still be paying it before they retire! It’s written off before then. They just means all the poor tax payers have paid for it. People who don’t earn a lot.

DD, graduated 2013, has just paid hers off. Get rid and divert money into pension as she’s self employed.

Original poster
ChiefClerkDrumknott · 15/02/2022 21:54

Thanks everyone. I’m having a small sherry to celebrate Wink

I never planned to pay it off early but as I’ve been paying chunks of it off due to overtime and had a few hundred left to go, I thought I may as well pay it off now as in a few months. @Porfre Sounds as though you’re in a similar position. Small victories and all that Grin

Thanks for the warning re making sure it stops. My OH did what PP’s said and overpaid so I’ll be checking next month.

@FlexibleWorkingDenied That’s a good idea, thank you, I’ll look into it

OP posts:
TizerorFizz · 15/02/2022 21:54

Memory fail: DD graduated in 2014. She’s earned money for 4 years as 3 were professional courses and a training year.