Can it be far better to save yourself or repay it?
“If I got more money, do I need to spend my student loan off? ” the clear answer is dependent on whether you’ve other debts when you learned, as that dictates whether your rate of interest is 3.3% or 1.75per cent.
This guide that is easy-to-follow for almost any pupil whom began uni before 2012, and Scottish and Northern Irish pupils starting ever since then. We will speedily simply just take you through how exactly to work your situation out, the manner in which you’re impacted and answer one of the keys ‘should I pay it back? ‘ concern.
English or Welsh student who began college in 2012 or later on? This is not for you personally. See Martin’s ‘Student’s interest now 5.4%’ guide.
This guide just covers official figuratively speaking Company (SLC) loans, maybe not private, profession developing or studies loans that are professional. For all see our pay back Debts With Savings? Guide.
In this guide
Choose to watch as opposed to read? See Martin’s movie below
Step one: always check YOUR education loan kind
A generation that is whole of will have student education loans. Anybody who began advanced schooling since 1990 happens to be qualified – so even people who graduated 25 years back could continue to have them.
Unfortunately a majority of these thousands of people experienced little, if any, training on these things – for loads more information on what this could be rectified, start to see the Financial Education Campaign that is full part. (more…)