It took 10 years, three ex's, two countries, and living with my mother for a bit, but I finally paid it all off.
Ask me how I feel. The guy who took my final payment on the phone was happier than I was
this post was submitted on 13 Mar 2025
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Congratulations ๐
I look forward to my student loan getting written off (plan 1), there's no chance of me paying it all off, especially given the interest is almost the same as my monthly payments...
I'm plan one and mine won't get written off until I'm 65 (took it out before 2006), but I'm not making any payments due to working part-time in a public sector job.
I don't plan for this to change as my health won't allow me to work more hours or aspire to a higher paying job, so I may never make more payments. But I have probably paid back everything I borrowed when I was paying it, and everything that's left is the predatory interest.
My brother's in a similar boat (almost triple digits), so he's hiding out and waiting for it to blow over. I could have done the same maybe, but it would have been another 12 years and I was just sick of it.
Why did they do this to us? Sell us on the idea that the only way to land a cushy job was to go to uni, when there were barely enough jobs going around when we got out.
I hate this. I look at my parents generation with jealousy, they had no idea how good they had it
I remember when I was in college and they specifically took us to another campus, they were talking to us about university. It was basically sold to us as if "it's practically a free loan, you'd be silly not to get it."
We were all around the age of 17/18. If a bank or any other service had done that to us there would have probably been massive repercussions, maybe there would have been something brought up about us being miss-sold a product.
Looking back I feel it was very predatory given we were so young and essentially in a vulnerable state while trying to decide our futures.
Predatory is the right word. We were literally still kids, and they asked us to make a huge financial decision that would impact us for the rest of our lives....
I'm not being funny but if it's impacting you this much you must be earning a significantly above average wage, no?
I've been paying off my (plan 1) loan for 17 years near enough and it hardly makes a dent in my payslip.
Hah. It's more that I was working in a country that was weak against the pound, and that for some reason SLC charges way higher when you're working abroad.
So whatever I was earning, half would go to rent, a quarter would go to the loan (once you factored in the exchange rate), and I'd have that glorious other quarter to myself.
I am doing better than most I would say, but I also have a sewing machine and have learned through time how to patch my clothes, if that answers your question
It does indeed - the overseas thing is nuts! I guess they assume you've become an oil baron or something and must therefore be a secret moneybags?
You're doing better than me on the frugality front, I suppose I have the benefit of a UK based, mid level salary! I'm looking forward to my loan being written off in the not too distant future!