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

Just over £80k I think. Started paying it back as soon as I left but the interest is just insane! I do tend to forget about it, but it’s quite amusing sometimes to check the number! I think I worked out when graduating I’d have to average £70k salary over the 30 years of repayments to pay it off. Not very realistic!

I graduated in 2009 but only started earning enough to pay it off in about 2016, then last year got to the point where there was about £3k left so just paid it off because interest rates were starting to go up. So about 7 years earning between £30-£40k, if I hadn't paid that last bit off early I assume it would have taken about 9 years in total/16 since graduating?

But mine was comparatively low to start with because I got a reduction on tuition fees for staying in Wales, and didn't take out the third year maintenance loan because I had worked enough over the summer to just pay my house share in advance (because otherwise they wanted your guarantor to sign for shared liability and my parents weren't willing to do so). Also interest rates were very low so it didn't increase at the amount they do now, I can see how it would be really dispiriting to be paying hundreds a month and barely seeing the overall amount go down at all.

It took me about 5 years, started on salary of mid 30s but that jumped after a couple of years and I was earning around £83k when I paid it off. Made a few overpayments towards the end. Graduated with approx £14k debt.

I also feel sorry for younger cousins with absolutely enormous loans they never have a chance of paying off.

I have two plan 1 loans under different T&Cs, the one I took out 3 years later gets cancelled about fifteen years earlier. I will never finish paying it back, but thats fine with me. I got annoyed when I was paying quite a lot back that there was no way of directing the money to one loan or the other, they treated them as the same despite the very different terms as they were both 'Plan 1'. No point me worrying about it.

Not sure if it's helpful, but I graduated in 2005 and paid it off in the summer of 2016, think I started payments in January 2006 though. Just paid the automatic repayment amount, and no career breaks in that time.