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

[SwissSarah]

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??

I think you would be crazy to pay it and I would 100% not pay it back if I was in your situation.

I know an investment banker who studied an equestrian related degree. He doesnt 'live high on the hog' and earns over £1m a year but even he just pays the minimum for his student loan. Because it doesnt make sense to pay it all off.

squeeze out a kid

Did you straight over from the comments section of Guido Fawkes to Mumsnet for any particular reason?

I think that those who are so brazenly advocating not paying their student loan back now or as soon as possible or possibly ever, will be smarting from the comments accusing them of having no decent principles and a skewed sense of right and wrong.
I feel for them...

i cant pay off mine. im 16 k pro rata for 0.7 of a week. degree doesnt equal high salary. lucky that there are people on here with high earner husbands and partners

People can and do use anything - even a complete fabrication - to get the better of others...

Cara, did you have a student loan? By what perecentrage did you overpay it monthly?

Because - and I must be wrong here - if you take a degree in, say, Equestrian Studies where a future job would be unlikely to pay c£21K what's to stop you living high on the hog for three years on the assumption that the loan will never be called in?

@ "High on the hog".

The current maintenance loan maximums vary from £6904 up to £10702 (for students living away from home in London.) And very few even qualify for the maximums, which are means tested.

the deductions are a right pain in the arse and it was on tv that you have to really check the amounts you pay, some people were found to be over-paying the loan when they should have finished. Also if you get a nice work bonus tons are taken off for the loan. I suppose if I could just mine all off at once I would - it depends on what sort of work you are going to do.

Cara I think most of us are advocating making repayments as they fall due in the normal way. What's wrong with that?

Forgive me for being stupid here, but is that £9K (or it may be more now) a year fees plus £10K a year maintenance?

So you could owe circa. £60K and not have to pay a penny back? For some people it would be worth it to keep under the lowest repayment sum, or remain part time/SAHM to avoid having to repay loan.

I still think the 30-year write-off rule should be revisited. What about inheritances or savings? Why should person a) who has inherited £200K but does a bit of volunteering be allowed to carry on ducking repaying the loan whilst person b) in a moderately-paying job has to pay up like a schmuck?

Only for students who had lived independently in London for the duration of their degree Rhoda. Have you seen London student rents?

Of course you shouldn't repay your loan OP if the terms of your agreement don't require you to.

I wonder how many of the people who say that it is a moral obligation to repay your loan pay themselves through a limited company to legally but immorally reduce the amount of tax they pay (or their DHs do)?

If you are a SAHM and your DH is a high earner, that set up will cause your family to pay more tax and perhaps also loss of child benefits, than if you both earned say £30k each instead of you earning nothing and your DH earning £60k. This could even outweigh the student loan repayments that you would otherwise be making?

i really don't think anyone is morally obliged to pay the loan but it is annoying when you get big bonuses or even overtime. It saps it away. I am only a middle wage earner too but it's crap.

" ShastaBeast

Surely she's a scrounger on her husband if he is expected to pick up the tab for her student loan - a loan likely taken out before they met. I aim to pay mine when due but wouldn't expect my husband to pick up the cost because I've had kids earlier than expected."
Did he not also have kids earlier than expected? You make it sound like this was something you did without his involvement.