If you’ve repaid your Plan 1 student loan

[Allthesea]

How long did it take you, and what sort of salary have you been earning to get there?

Thanks

Nobody?
Sorry maybe I should have put this in Chat..

16 years. Now on over 80k.

I've got 1 more payment left on mine. Has taken 17 years!!!! Current salary is 40k but I've mostly been around 30k for majority of the time since leaving uni.

I haven’t paid mine back yet but should have paid it back in 6 years time which will mean it’ll have taken me 20 years. I’m currently on 54k, and have had 2 maternity leaves where I haven’t paid much back.

Thanks! I wish I had overpaid mine while interest rates were low, it’s shot up to 6.25% recently, I’m worried mine will take longer to pay now.

It will also depend on how much of a loan you took out, I paid mine off after 15 years and didn't take the maximum loan but started on less than £20k which had increased to £36k by the time it was paid off.

I’ve just paid it off after 10 years.
Year 1 - £17k
Year 2 - £27k
Year 3 - £32k
Year 4 - £35k
Year 5 - £40k
Year 6 - £48k
Year 7 - £45k
Year 8 - £46k
Year 9 - £65k
Year 10 - £69k

I work in sales so have also had fairly substantial bonuses in that time. Since about Year 5 onwards I’ve earnt at least another £10k a year in bonuses.

Just about to finish paying mine off (last DD is July). It took 15 years and now on 80k. The majority of it has been paid in the last 3 years when I went up to £55k for two years and then £80k for the last year.

I can’t actually remember how much I took out, but I think it was probably around the £16k mark.

I will be finished with mine by the end of the year. It started at £18k, and I’ve paid it off over 14 years. When I started I was on around £25k salary and now on £42k salary. No career breaks.

Took 9 years - graduated summer 2010 and paid off autumn 2019. Salary during that time was around 22k in year 1, 33 - 38k over years 2 to 6, 45k in years 7 and 8 and £50k in year 9.

Edit to add: that was 2 years of course fees and 3 years of maintenance loan, so I think around £18k?

Thanks this is really helpful. Have you made any overpayments or just through your salary? Congrats on being close to seeing the back of it!

My last payment is in a month. It’ll be 13.5 years.
Decent salary but made redundant more than once.

My last payment is in December this year, graduated in 2010 with I think 21K of loans. Bring on the extra £256 per month!

Salary went:
13.5k
15.5k
19k
24k
30k
40k
50k
57k

But isn't it the case that overpaying doesn't actually save any money unless you actually pay off all of the capital and interest and only a minority of people end up in that position?

Aren't they also written off after 25/30 years? How far are you from that time?

I think it was about 6 or 7 years but I paid a lump sum the year before I was due to pay it off because I didn't like it hanging over me. I only really started paying it off fast once I started earning over 70k around year 5 although it was going down slowly before that.

I think most people do pay off their plan 1 loans? It’s plan 2 that nobody is likely to pay off I think. Pretty sure mine won’t get written off until retirement age.

I paid mine off last year. Earn mid 60s but regularly received annual bonuses of around 20-25% during that time which helped shift it.

How much you start with also has quite a big impact. I had probably one of the largest Plan 1s you could have - well over £50k due to a 4-year degree in London, getting the maximum amount of maintenance loan (which was £7.5k a year).

I’m still around a decade from paying it off, even though I earn £70k a year. I’ve been earning at least £55k for the last 4 years and before that I earnt £30-45k for another 4 before that. I graduated 10 years ago. My first two years were around £20k each year, so I barely paid any off those years.

I’m going on a year’s mat leave later this year, and plan to return PT at around £55k p/a. So that will impact the student loan repayments too.

@Bjorkdidit Plan 1 don’t get written off until retirement age. So you’re paying forever.

Subsequent plans have different terms. Most people on Plan 1 will have had notice that their loans were sold to a hedge fund a few years back.

Assuming this applies to me as a 2005 graduate, I paid mine off in 2019 but I only took about £8k in loans at the outset so an easier ride for me.

@TiredCatLady that’s only if you took a Plan 1 pre-2005 I think. My plan 1 from 2011 will be written off 25 years after my first repayment, if I don’t get their first.

Cleared it last year in a lump sum, but otherwise it would have taken another four years (so a total of 14 years). Currently on £60k.

I graduated in 2012 with a student loan balance of £27.5k (four year course). I didn’t earn enough to start paying it back until 2015 on a salary of about £22k. My salary has increased every year over the last 9 years and I’ve also had some pretty large annual bonuses. On my current salary of £71.5k + £20kish bonus, I still have nearly £11k left to pay! I have had two maternity leaves in that time though.

It should be fully repaid in about 2.5 years now my salary and bonus are this high. So it will have taken me a total of 14-15 years since graduation, or 11-12 years since I made my first payment.

It will have taken me 17 years, paid barely anything on it in the first 10 years whilst I was lower income starting in my career, followed by children (maternity leave and some part time work) started earning better money in my 30s, I'm on £70k now so am paying it off pretty rapidly now and the end is in sight!