Can it be simpler to save yourself or repay it?
It is a simple concern spilling through the lips of over four million previous graduates. “If i have got extra cash, do I need to pay down my student loan? ” the solution is dependent on whether you have other debts when you learned, as that dictates whether your rate of interest is 3.3% or 1.75per cent.
This easy-to-follow guide is for just about any student whom began uni before 2012, and Scottish and Northern Irish pupils starting since that time. We will speedily just simply take you through just how to work your situation out, the manner in which you’re impacted and solution one of the keys ‘should I pay it back? ‘ concern.
English or Welsh pupil who began university in 2012 or later on? This is simply not for you. See Martin’s ‘Student’s interest now 5.4%’ guide.
This guide only covers official figuratively speaking Company (SLC) loans, maybe not private, profession developing or studies loans that are professional. For all see our repay Debts With Savings? Guide.
In this guide
Choose to watch as opposed to read? See Martin’s movie below
Step one: check student loan type that is YOUR
A entire generation of Brits now have student education loans. Anybody who began advanced schooling since 1990 is eligible – so even people who graduated 25 years back could have them still.
Unfortunately a number of these many people experienced little, if any, training on these things – for loads more information on exactly how this is often rectified, start to see the complete Financial Education Campaign area.
Just how student education loans work differs radically based on whenever you began advanced schooling.
Click tab for information on your loan kind. In search of information about 2012+ loans in England & Wales? Martin’s written a guide that is new to your loans. Continue reading “You are told by us about Scholar Loan Repayment”