Should I 支払う／賃金 off my student 貸付金 before I buy my first home?
I would like some advice regarding my student 貸付金. I only went to university for one year, so don't have as much 負債 as if I had 完全にするd the 十分な course.
I went to university between 2017 and 2018 which means that I am on the student 返済 計画（する） type 2. The 利益／興味 is 現在／一般に 7.7 per cent.
I borrowed £9,000 for tuition and my 維持／整備 貸付金 was around £3,000, but after 利益／興味 my balance is now £17,792.89. Last year, £1108.02 利益／興味 was 追加するd.
I started my first 職業 with a 行う over the 返済 threshold in July 2023 and have been 支払う／賃金ing off £9 per month, the automatically deducted 量, since then.
I've also been saving for many years and have finally got enough for a deposit on my first home. However, now I am 審議ing whether this is the best use of my money.
> Read: Why 財政上の 専門家s say you should NOT 支払う／賃金 off a big student 貸付金
Our reader's 窮地: Should they （疑いを）晴らす their student 負債 or buy a house?
I have come up with four 選択s. Which is the best??
1) Put off buying a house for now and use my 貯金 to 支払う／賃金 off my student 貸付金 in 十分な
2) Put off buying a house and 支払う／賃金 a lump sum 量 into my student 貸付金
3) Continue to just 支払う／賃金 £9 per month and buy a home
4) Overpay where I can, as …に反対するd to saving the money
> Read: How long will it take you to 返す your student 貸付金 on your 現在の salary?
Ed Magnus of This is Money replies:?Student 貸付金 返済s are a problem 株d by many young people these days.
The problem was?悪化させるd in 2012 when 料金s jumped from 概略で £3,000 to £9,000 per academic year.?
How much you 返す depends on your income before 税金 and what 貸付金 計画（する） you're on. You'll then 返す a 百分率 of your income over a 始める，決める income 'threshold.'?
Those on 計画（する） 2 like you, who went to university between 1 September 2012 and 31 July 2023, start to 返す their 貸付金 once their income is more than £27,295 a year.
All undergraduates, 関わりなく the 計画（する） they're on, 支払う／賃金 9 per cent of their income over the threshold.
The level of 利益／興味?has 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.
Fortunately, when RPI jumped to 13.5 per cent in March 2023, the 政府 introduced a cap of 7.6 per cent for all 貸付金s. However, that's a very 高金利 - and?certainly more than you can 現在／一般に earn from a 貯金 account.
It is 理解できる that to 避ける その上の 利益／興味 蓄積するing you would ideally want to 支払う／賃金 it off sooner.
But if that means 延期するing buying your first home, it rather 複雑にするs 事柄s.?
While the 利益／興味 may 蓄積する on the student 貸付金, house prices also tend to rise over the long 称する，呼ぶ／期間／用語, which means that 延期するing your home buying 計画（する）s could also 結局最後にはーなる costing you more in the long run.
For 専門家 財政上の advice, we spoke to Holly Tomlinson, 財政上の planner at the wealth 経営者／支配人, Quilter and?Jack Munday, partner and 借り切る／憲章d 財政上の planner at the wealth 経営者／支配人, Saltus.?
What the 専門家s say...
Holly Tomlinson replies:?Although this query is 特に about a student 貸付金, it 代表するs one of the most frequently asked 財政上の questions: should you （疑いを）晴らす a 負債 or buy a house??
Many people 直面する the predicament of not 存在 able to save for a home, without throwing in the 追加するd 重荷（を負わせる） of 増加するing student 貸付金 costs.
As a general 支配する of thumb, we are taught as 財政上の 助言者s to look at a （弁護士の）依頼人s' needs in an order of 優先s, with 負債s 存在 the first need to 演説（する）／住所 in an ideal world.?
専門家: Holly Tomlinson , 財政上の planner at the wealth 経営者／支配人, Quilter
In reality many people see a 所有物／資産／財産 as their most important 財政上の 願望（する）. Not only does it get you on the 増大するing 所有物／資産／財産 ladder, but also 除去するs the prospect of 支払う／賃金ing rent, which many see as money 負かす／撃墜する the drain.?
It is important to remember that a student 貸付金 it is not like other types of 負債.?
For example, a student 貸付金 does not appear on your credit 得点する／非難する／２０ - though it can 衝撃 mortgage affordability.?
類似して, depending on what 計画（する） you are on the 負債 will be written off after between 25 and 40 years.
When deciding which way to turn, looking 特に at the 選択s you have 現在のd I would consider the に引き続いて:
1) Put off buying a house and 支払う／賃金 off the student 貸付金 in 十分な: This is a fantastic 選択 to stop 支払う／賃金ing 利益／興味 on a 負債 that isn't 減少（する）ing.?
特に as the 利益／興味 率 on the 貸付金 is higher than the 現在の 普通の／平均（する） 百分率 growth of general cash 貯金 accounts and the 百分率 growth on 所有物／資産／財産 in the last 12 months.
2)?Put off buying a house and 支払う／賃金 off a lump sum of the 貸付金: If you have the 基金s to （疑いを）晴らす this student 貸付金 in 十分な then this is a sensible 選択 as any money sat in a cash 貯金 account is ありそうもない to make enough 利益／興味 to 補償する for the 7 per cent 利益／興味 存在 適用するd to the 貸付金.?
However, if a 部分的な／不平等な 支払い（額） can only be made this would still be sensible considering the same theory.
3) Continue to just 支払う／賃金 £9 per month - or overpay where you can - and buy a home: 適用するing the same theory as discussed before, （疑いを）晴らすing the student 貸付金 as soon as possible would 利益 you more in the long run, even though this might mean putting dreams of buying a house on ice for the time 存在.
A caveat which is sensible to 耐える in mind is whether you would be 支払う／賃金ing rent instead of a mortgage if you didn't buy a 所有物／資産／財産 and （疑いを）晴らすd the 貸付金.?
If so, it's important to consider how much the rent would be and the 'wasted' money that would 適用する in this instance.?
It is then possible to work out what would look better on a 月毎の basis - renting or owning - and if 購入（する）ing the house as a 優先 and （疑いを）晴らすing the student 貸付金 second would work out better from a 財政上の viewpoint.
Jack Munday replies:?The most 利益／興味ing thing about this シナリオ is that it 最高潮の場面s the importance of behaviours and emotion when it comes to identifying your own 客観的なs and drivers.?
In this 状況／情勢, there is a 十字路／岐路 of 支払う／賃金ing off student 負債 or taking on mortgage 負債.?
専門家:?Jack Munday , partner and 借り切る／憲章d 財政上の planner at the wealth 経営者／支配人, Saltus
Both are forms of 負債, but the 決定的な difference is what is perceived as 'good 負債' versus what is seen as 'bad 負債.'
The 概念 of student 貸付金s 存在 a 'good 負債' is typically because they are designed to 許す a 壇・綱領・公約 to 改善する 職業 prospects and 収入s.?
There is also a ありふれた belief that student 貸付金s do not 影響する／感情 your borrowing ability, however, this is a bit of a red herring.?
It is true that student 貸付金s do not show on a credit 得点する／非難する／２０, unless you have 行方不明になるd 支払い（額）s, and this is one of the biggest factors with a mortgage.?
However, the 返済s will be factored into a mortgage 貸す人's affordability 計算／見積りs, and at the end of the day, almost all 財政上の 客観的なs and 決定／判定勝ち（する）s boil 負かす／撃墜する to affordability.
We do not yet know enough about the 状況／情勢 to consider the best 結果, but it's important to consider:
The 推論する／理由 these factors are important is that mortgage 負債 is static, while student 負債 is on a 始める，決める 支払い（額） schedule.?
返済 計画（する） 2 means you do not 支払う／賃金 until you earn over £27,295 per 年. After that, 9 per cent of your 行う above this level will be deducted - いつかs referred to as the 'uni 税金'.
Another thing to consider is whether the individual might take a career break in 未来. If they did, the student 貸付金 返済s would stop but the mortgage 返済s would continue.
返すing the 利益／興味 on any 貸付金 will always 確実にする the final balance is （疑いを）晴らすd faster. However, the mortgage versus student 貸付金 審議 will always be based on the longer 称する，呼ぶ／期間／用語 客観的なs of the individual and how they feel about 負債.?
They should speak to a professional to discuss this and get 明確な／細部 advice for their circumstances.
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