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My student 貸付金 has 増加するd by 25% in six years… should I 支払う／賃金 it off 早期に?

My student 貸付金 has 増加するd by 25% in six years… should I 支払う／賃金 it off 早期に?

By Angharad Carrick Updated: 03:00 22 Feb 2024

I went to university between 2014 and 2018 which means I'm on the student 返済計画（する） type 2.?

I borrowed ￡27,865 for my tuition 料金s and ￡13,051 for 維持／整備, meaning a total of ￡40,916.

I started my first 'proper' 職業 after University in 2018 with a starting salary of ￡28,000 and have been over the threshold to make 貸付金返済s since then.?

My salary has 増加するd over the years and it is now around the ￡60,000 示す.

I was shocked to find in my 最新の支払う／賃金 slip that my 月毎の student 貸付金返済 is now ￡250. At first, I thought there must be a mistake.?

I remember 存在 told at school that it would only be the same 量 as a 動きやすい phone 契約 (￡40-￡50 a month) and it gets wiped after 30 years, so not to worry about it.

I looked into it more and 設立する that my student 貸付金 had 増加するd by ￡10,000, 同等（の） to a 25 per cent 増加する, in the six years since leaving university. I am 支払う／賃金ing ￡250 a month and I'm not even covering the 利益／興味.

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I know the 貸付金 will be wiped 30 years on from when I left university in 2048, but I am wondering if I should:

a) Keep 支払う／賃金ing the 月毎の返済, hope the 利益／興味 will come 負かす／撃墜する and try to forget about it.

b) Start saving money to 支払う／賃金 off the 貸付金早期に to 避ける支払う／賃金ing the 利益／興味. For example, save up to make a lump sum 支払い（額） once a year to 支払う／賃金 off a chunk of the 貸付金. I assume I'm 許すd to do this. RC

Angharad Carrick of This Is Money replies: Anyone 返すing a student 貸付金 will know all too 井戸／弁護士席 the feeling of checking their balance only to see it has 増加するd by thousands of 続けざまに猛撃するs since 卒業.

This is 特に true for those who started their course after 2012, when 料金s jumped 劇的な from around ￡3,000 to around ￡9,000 per academic year.??

The first thing to explain is that the student 貸付金 system is やめる複雑にする d, and there are different levels of 利益／興味 depending on which 計画（する） you're on.

Unlike a 基準貸付金, the system 行為／法令／行動するs more like a '卒業生（する）税金' and 増加するs the more you earn. There are 現在／一般に five different 返済計画（する）s that will 決定する both when you 支払う／賃金 your 貸付金支援する, and how much you 支払う／賃金.

When will I 支払う／賃金支援する my student 貸付金??

For those on 計画（する） 2 like you, who went to university between 1 September 2012 and 31 July 2023, you will start to 返す your 貸付金 once your income is over ￡27,295.

Those who started university before 1 September 2012 will be on 計画（する） 1 and start 返すing once they earn over ￡22,015 a year, while those who started after 1 September 2023 will be on 計画（する） 5 and start to 返す when they earn over ￡25,000 in a year.

In Scotland, students are on 計画（する） 4 and will start to 支払う／賃金支援する the 貸付金 once 収入 over ￡27,660 a year.

All undergraduates, 関わりなく the 計画（する） they're on, will 支払う／賃金 9 per cent of their income over the threshold, while those with postgraduate 貸付金s 支払う／賃金 6 per cent.

For someone like yourself 収入￡60,000 a year, you would 支払う／賃金 9 per cent of the ￡32,705 you earn over the threshold which equates to ￡245 a month.

What 利益／興味 is 告発（する），告訴（する）／料金d on student 貸付金s???

The level of 利益／興味適用するd to the 貸付金 is another 事柄 and one that has been a bone of 論争 for many 卒業生（する）s.

These have typically been based on the 小売 Price 索引率 of インフレーション (RPI) rather than the 消費者 Price 索引 (消費者物価指数), which is more 一般的に used to 手段インフレーション.

However, when RPI 急に上がるd to 13.5 per cent in March 2023, the 政府 introduced a cap of 7.6 per cent for all student 貸付金s.

The 現在の level of 利益／興味 on each 計画（する） is as follows:

Student 貸付金 question

Do you have a question about your student 貸付金?

Get in touch:?editor@thisismoney.co.uk

6.25% on 計画（する） 1

7.6% on 計画（する） 2

6.25% on 計画（する） 4

7.6% on 計画（する） 5

7.6% on the postgraduate 貸付金計画（する）

Those 収入 under ￡27,295 just accrue the RPI 率 in 利益／興味, while those 収入 between ￡27,296 to ￡39,130 支払う／賃金 RPI 加える up to 3 per cent, as the 率増加するs the more you earn.

Those 収入 over ￡49,130 are 告発（する），告訴（する）／料金d RPI 加える 3 per cent.

It is 理解できる that to （警官の）巡回区域，受持ち区域 the 利益／興味 which could 蓄積する over １０年間s you would look into 支払う／賃金ing it off sooner.

We asked two 専門家s for their advice on what you should do.

You will 支払う／賃金支援する 9% of your income に向かって your student 貸付金返済s

Alice Haine, personal 財政／金融分析家 at Bestinvest says:?Nobody wants to see thousands of 続けざまに猛撃するs of 追加するd 利益／興味, but before panicking and coming up with a 計画（する） to 支払う／賃金 it off, the best 戦略 for most is to ignore the 利益／興味適用するd altogether.?

Instead, just 支払う／賃金 the 量 you 借りがある every month and direct 貯金に向かって other 財政上の goals.

The number to 焦点（を合わせる） on is the 量 you must 返す each month. For 卒業生（する）s on 計画（する） 2, this is 始める，決める at a 率 of 9 per cent on everything a student earns above � �27,295, the 同等（の） of ￡2,274 a month before 税金, which 効果的に means the 量 you 借りがある (your total borrowings 加える利益／興味) will never 決定する how much you must 返す every year.?

That 支配する適用するs to all 収入s from your 正規の／正選手職業, whether 雇うd or self-雇うd, 同様に as 収入s from 投資s or 貯金 accounts.

For someone like yourself 収入￡60,000, you 支払う／賃金 9 per cent of the ￡32,705 you earn above the threshold, which equates to ￡2,943 a year or around ￡24 5 a month.?

While it can be disheartening to see that what you 借りがある is 増加するing in size rather than 減少（する）ing with your 支払い（額）s, depending on your 未来収入s you may never （疑いを）晴らす what you 借りがある in 十分な as any 優れた balance on the 貸付金 is wiped 30 years from the first April after 卒業.?

Ian Futcher, 財政上の planner at Quilter replies: Can I and should I 支払う／賃金 my student 貸付金 off 早期に? These are two questions that are likely to be on the minds of many university 卒業生（する）s, 特に予定 to the fact that as インフレーション and 利益／興味率s have risen, many will have seen large 量s of 利益／興味追加するd to their student 貸付金s.

?If you are ありそうもない to （疑いを）晴らす the 貸付金 in 30 years it is very likely that the money will be better used どこかよそで Ian Futcher?

In short, you can make 付加支払い（額）s to your 貸付金, and this is what we would typically recommend with a 貸付金 with lots of high 利益／興味. However, 支払う／賃金ing off a student 貸付金早期に is not as straighforward.

Student 貸付金s are not the same as 伝統的な貸付金s, and before you look at the 可能性 of 支払う／賃金ing extra に向かって your student 貸付金, it is important to have a good understanding of how they work.

You have seen over ￡5,000 in 利益／興味追加するd to your 貸付金 in just a short period, and you certainly will not be alone.?

This can be 極端に daunting and if this was a 伝統的な貸付金 it would make sense to make 付加支払い（額）s to 支払う／賃金 off the 利益／興味 and 貸付金 as quickly as possible, but as it is a student 貸付金, this may not be the best course of 活動／戦闘.

Firstly, it is important to remember that 関わりなく how much you 借りがある, what you 支払う／賃金支援する will not change ? it is always 9 per cent of what you earn above the thr eshold.

Quilter's Ian Futcher says 支払う／賃金ing off your 貸付金早期に depends on how much you 借りがある

What you 支払う／賃金 will only change with what you earn, so if your salary rose to ￡70,000, your 月毎の支払い（額）s would 増加する to around ￡320.?

類似して, if your 収入s dropped to ￡50,000 then the 月毎の支払い（額）s would 減少（する） to だいたい￡170. So, although an 増加するing 貸付金 seems daunting, it will not 衝撃 how much you 支払う／賃金 each month.

The second thing to take 公式文書，認める of is that the 貸付金 will be wiped after 30 years, 関わりなく how much you have paid 支援する. This will not class as a default; it is just the way the system 作品.

Let's imagine there is no 利益／興味追加するd. You started with a ￡40,000 貸付金, so even if you paid off an 普通の／平均（する） of ￡2,000 a year it would take 20 years to （疑いを）晴らす.?

Once you 追加する利益／興味, the 見込み of 支払う／賃金ing it off in 30 years 減少（する）s 意味ありげに. In fact, the 学校／設ける of 会計の熟考する／考慮するs 示唆するs only 83 per cent of people will ever 支払う／賃金 off their student 貸付金 before the 30 years is up.

So, is it 価値（がある）支払う／賃金ing off your 貸付金早期に? This depends on how much you 借りがある.?

If you 借りがある a small 量 and you could 支払う／賃金 off the 貸付金 or make 付加支払い（額）s, then it may be 価値（がある） considering.?

But if you 借りがある a much larger 量, as in this instance, then 支払う／賃金ing small lump sums or 付加量s will not change what you 支払う／賃金 each year, and if you are ありそうもない to （疑いを）晴らす the 貸付金 in 30 years it is very likely that the money will be better used どこかよそで - such as saving for house or putting it away for 退職.

決定するing if it is 価値（がある）支払う／賃金ing will depend on your personal 財政上の circumstances, and 捜し出すing professional 財政上の advice will be 重要な in helping decide what is best for you in the longer run.

Alice Haine 追加するs: Even higher earners like yourself may never （疑いを）晴らす the 貸付金 in 十分な. While it may be tempting to overpay, your salary may change in the 未来, so overpaying now may not make sense.?

You may have a career break to raise a family, take time off for illness, go part-time, move to a 職業 with a lower salary ? all instances that could see your salary 下落する below the threshold at which you must 返す. Dying 未熟に will also wipe the 負債.

If, however, you are 確かな your career will continue to 繁栄する and 推定する／予想する to earn a very high salary in the 未来, then it may make more sense to （疑いを）晴らす the 負債完全に, 特に if your family are willing to help, or to overpay to （疑いを）晴らす the 負債 quicker and 減ずる the 利益／興味率告発（する），告訴（する）／料金s 適用するd.

非，不，無 of us can see into the 未来, so for now it might be better to ignore the 利益／興味率, 受託する the 月毎の支払い（額） and 焦点（を合わせる） on saving に向かって other 重要な財政上の goals.?

卒業生（する）s in the 早期に行う／開催する／段階s of a career have many 財政上の優先s such as saving for a home deposit or raising a family, so if it was up to me, I'd 焦点（を合わせる） on those instead.

If the student 貸付金返済s really bother you, however, and you are 納得させるd that you are 始める，決める for a successful, 井戸／弁護士席-paid career then go ahead and save to （疑いを）晴らす the 貸付金 earlier.?

But 非，不，無 of us ever know what will happen in the 未来 ? so think carefully before committing 基金s you may need for other things.

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