Paying back student loans?

Itchy · Super Spammer Joined: 07 Apr 2005 Karma :

Should I pay it back? ,

I currently owe the government £3.5K, they are charging me 3% £115 a year on it or around that , while I'm typing it is earning me 4.75% interest or £130 (after tax) , whatcha reckon should I pay it back? ,

or leave it to rot in that account since who knows about the future and I'll never be able to borrow money that cheaply ever again.

Its just something that crosses my mind now and again since I don't like to borrow money period.

Any suggestions?

Thanks
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Mrs Kickstart · Brolly Dolly Joined: 06 Apr 2004 Karma :

Hi

While it is free/profit making keep it like you say you will never get it that cheap agaim

Regards
Charlotte
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Bendy · Mrs Sensible Joined: 10 Jun 2002 Karma :

Leave it be.

Major_Grooves · The Doctor Joined: 10 May 2002 Karma :

Tax!?

Put as much of it as you can into an ISA. You might as well make as much money as you can out of it.

When I was at uni, most of my friends put their loans into the Clydesdale bank. Once it was in there, the bank would pay the interest throughout your uni time, and you could do what you want with it, so most of them invested it and made a few hundred pounds by the end of the course.

Me - I just spent it on guitars and shit! Laughing

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cagiva gezzer · World Chat Champion Joined: 17 Mar 2003 Karma :

Just looking at mine now. Monthly interest is ~£40, yet i'm only paying back ~£7. Think i might set up a DD so cover interest...
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FreshAL · Sir Crashalot Joined: 04 Jul 2005 Karma :

No! don't do it. Keep their money.

I owe them £20k+ and they are only deducting £60/month from my salary. Where else are you ever going to get a loan that cheap?

OK, I spent all mine on rent, food, booze and drugs but I don't regret a penny of it Mr. Green

If you can save it and make some money, go for it.