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

I don’t think it’s that unusual these days. Those of us who graduated years ago, were lucky. The student loans and interest now, are horrendous 🤯. Many students will never pay off the loan. Average is about 50,000 if not more. Plus interest 🙈

https://www.bbc.co.uk/news/uk-68534953.amp

Mine will be paid off in two months! I’m 32, graduated in 2013.

Barely made a dent in it during the first few years of my career, but a few big salary increases have got it down quite quickly. Currently on £70k.

I only came out of uni with around £9k worth of debt though, which I appreciate is a lot less than some!

Graduated in 2010, have around 18 months left on mine after switching to the DD scheme a couple of months ago.

I'm a bit annoyed though as I wish I'd left it a bit later before switching to DD, so it would have been paid off a bit sooner. I am likely to have another maternity leave in the time left so now have to find the extra £158 to pay the DD during that as well.

I Graduated in 2009 but also don’t have a statement until 2016 so I’m not entirely sure how much I’d borrowed but I think it was in the region of £24k. I still have £13k outstanding.
Currently earning £34k as I’m part time. I’ve had two maternity leaves. I also salary sacrifice for a car and I think this has lowered my repayments.
it doesn’t feel as though I’ve paid off much at all in 15 years.

I've just paid mine off with savings as the interest rate was higher than I could get for those savings. I graduated 21 years ago and still had a few k to go. In part this has been due to part time working.

I'd paid mine off by the time I was 35. My salary progression has been something like below:

20-25: £15k - £20k
25-30: £24k - £35k
30-35: £35k – £65k

It essentially should be viewed as a student tax now.

A student tax for the middle class and lower income families. If you're wealthy you're all good!

#keepwealthinequality 🤣🤣

It took 17 years and by the time I'd paid it off, I was earning around £60k which was a few years ago now.

Oh no, I’m sorry. My younger cousin has a Plan 2 loan, so I do understand the pain and realise that I am fortunate.

Probably better never to check the balance tbh, it doesn’t matter if you owe 100k or 100M, it will be written off eventually x

Still paying mine off - graduated in 2014 with about £25k ish of debt. Don't think barely any of it has been paid off tbh. My salaries so far have been:

16
18
19.5
22
25
30
35
43.5

I think about 10 years.

Salary went from 27k post graduation and think I was earning 55k by the time I paid it off. I paid the last 3k off in a lump sum as well were looking to buy a house and just didn't want it counted against me (which is does even if they claim is doesn't)

My original debt was about 25k

Bloody hell. How much did you borrow to begin with?

I took the maximum amount. Repaid within just about 10yrs. Starting salary was 38k, didn’t grow much for the first 2-3 yrs but after had good jumps in pay. During the last year overpaid to get rid of the balance.

I started with £38k in 2012 and still have £22k. Pay off £220 a month on a £58k salary. Unlikely I'll earn much more so I'd say I've got at least 15 years left paying so it'll be written off around the same time.

I was the first year that had to pay fees - 1998. I also had a maintenance loan of I think around 20k across the four years. I hardly paid anything for the first few years but then requalified as a solicitor and paid it all off quite quickly then. Last payment was in 2010.

My husband (started same year as me took a bigger loan) has never paid any of it and will probably have it written off when he is 65. The student loans people once wrote to me to suggest that as I must be financially supporting him (which I was) I might like to pay his loan for him (I did not).

I paid mine off a couple of months ago. I borrowed around 13k I think and it took me until I was 36. Really started coming down in the last couple of years when I earned 50k. For ages I was on around 28k and barely seemed to move it.

My husband owed about £27k when his plan 1 loan was due to start being repaid. He's 12 years in to repayment and this month should see it finally drop in to just 4 figures. If we can keep overpaying it it should be paid off in about 4 years. We could maybe have paid it off quicker but we paid just the bare minimum until maybe 5 or so years ago when it finally became clear (due to increased earnings) that he would pay it off before it gets wiped after 25 years, so we've been trying to pay it off faster the last few years. The interest rate is just ridiculous now though!

I paid the last 3k off in a lump sum as well were looking to buy a house and just didn't want it counted against me (which is does even if they claim is doesn't)

It impacts affordability, whilst it's not a "debt" in the classic sense of the word that impacts your credit report, it still reduces your spending power, so if you are spending £200 a month on a student loan, you have £200 a month less than someone on the same salary without a loan, so yes it'll always count against you in that regard.

I graduated in 2001 and paid my loan off in 2016. From 2001-2014 my payments were only really covering the interest. Started work as a contractor in 2014 so paid the balance off in about 2 years (was about 12k I think)

Graduated in 2010, salary of £30k now - realistically I won't be able to pay it off without making overpayments (no plans to do so) and quite frankly I'm not worried at all. I will never earn a large enough salary that the repayments will get huge and be something I miss. Just biding my time for the next 11 years until it gets written off.

For those asking about amount borrow vs interest, I originally borrowed about £17k and worked out that the interest I’ll have paid in total (due to really low rates for a good few years) will be about £6.5k.

Approx 6 years. Salary 70k or so at the time (10 years ago).

I graduated in 2010 owing around £19K.
Then went on to do a post-grad course for a year after undergrad - funded by postgrad loan from Natwest (£25K).

Paid off £25K one first as the interest was really high and repayments were fixed and didn't correspond to salary or even whether I was employed or not! Paid that off in about 4 years, making overpayments whenever I had some spare cash.

Finished paying student loan for undergrad in 2019. So it took 10 years.

Started work in 2011 on £25k and have had payrises and bonuses etc. since then. The bonuses are taxed/SLC obviously, so they helped to chip away at it!

Yes mine are very patchy too. That’s why I can’t even see how high my balance was to begin with, I wish I could find that information.