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Education loan interest is currently 5.4% – must I panic or pay it back?

Education loan interest is currently 5.4% – must I panic or pay it back?

You leave university, getting excited about your own future, then spot your pupil loan declaration. There is a sinking feeling as the thing is that Ј1,000s of additional interest. Yet student loan statements may be dangerously deceptive. They’ve led some into making catastrophic decisions that are financial. For the majority of graduates, bizarrely, interest is not appropriate. Ignore it, and it will disappear completely.

This unique guide by MoneySavingExpert.com creator Martin Lewis, for English and Welsh students whom started uni in or after 2012 (who have got what are known as Arrange 2 loans), turns many people’s comprehension of student education loans on its head – uncovering the way the interest works, whether you ought to worry or otherwise not, and whom should really be attempting to clear it.

Started college pre2012, or perhaps not an English or Welsh pupil? There are various other guides for you personally

In this guide

  • The 5 points to consider before overpaying, incl
    • Will overpaying make a significant difference?
    • Just just How interest that is much you truly repay?
    • Just just How particular will you be of future profits?
  • FAQs including.
    • If 83% of pupils do not repay, whom foots the balance?
    • It easier to get a mortgage if I clear the loan is? (more…)

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