Hi , looking for some advice.
I currently have C.£15K on a plan 2 student loan. I am 23 years old.
My current salary is going to be £35k, with the potential of earning a bonus of about £3-5k.
Is it worth contributing more to pay it off early, or wait till I pay it off via salary contributions only?
Calculations online estimate a re-payment timeline of approximately 17 years (paying about £6k in interest over this time). Meaning a total repayment of approximately £21K.
Repayment of student loan – should I do additional monthly / yearly payments?
byu/SchoolExact433 inStudentLoans
Posted by SchoolExact433
1 Comment
The benefit of paying it more aggressively (I.e., more than the minimum payments) is that you’ll save interest and pay less in total over time. If that’s what you want to prioritize, then yes, pay it off early. It depends on your priorities.