Should I pay off my student loan?

Your student loan may be cheap but it can also be an enormous millstone saddling you with a very large piece of unsecured debt for years or even decades. While the temptation may be to put a student loan to the back of your mind after you graduate, it is always good policy to look at reducing debt even if the interest payments seem very low. But is it the right decision for your circumstances and how do you go about repaying a student loan early? Why you should pay off your student loan as soon as you can Student loans are very large pieces of unsecured borrowing. If your course fees are the maximum £9,000 a year, then you may be sitting on a loan of £27,000. You may have also borrowed your living expenses in which case your debt could be much larger (see our infographic about this). Interest rates are low compared with other types of borrowing – 0.9 per cent for those who took out loans before 2012 and up to 3.9 per cent for those who borrowed after that. But given the lifetime o


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