We've paid off our son's student loan as he's studying medicine and likely to end up paying off it entirely but with a lot of interest otherwise. He's currently end of year 3 and so only 1 more year to go before NHS covers tuition costs and a bit of a bursary for living costs etc. So bulk of expense is done. Based on his future earnings we thought this was right choice and leaves him debt-free post-uni.
However, 2nd son is starting mathematics at local uni this sept - couldn't go far due to some disability issues. Very bright also and is hoping to get a decent job once he graduates - is looking at becoming an actuary so I think £30K rising to £50K (maybe even £70K after some years). However, given his job and earnings aren't guaranteed - unlike say medicine - I'm not sure if paying off his student debt is such a wise move for him. His would be wiped after 40years (if any remaining).
I'm old school and never liked accruing debt and would rather pay it down asap. I'm the type who saves up for things before buying them whenever possible. I also want to ensure financially we give both son's equal support - and having them both start out in life with no debt after education just feels right and might help with mortgage applications etc as no other financial commitments.
Anyway, just wondering if anyone had any thoughts etc?