How much was your Plan 1 student loan?
Discussion
TL; DR, for those with a plan 1 student loan, what was the total debt by the time you graduated?
Longer story: my loan always seemed disproportionately high compared to some of my friends with whom I went to university. Admittedly I may have gone about my degree in a convoluted way; such are the consequences of being less academically talented.
In any case, many of my friends have paid their loans off, yet we earn similar amounts, and as you can see, I have a long way to go!
I wondered if a mistake with student finance had been made, but I made a ledger and reconciled everything, which balanced perfectly.
In any case, I’m curious to know people’s experiences and whether or not I got shafted due to my stupidity!
Longer story: my loan always seemed disproportionately high compared to some of my friends with whom I went to university. Admittedly I may have gone about my degree in a convoluted way; such are the consequences of being less academically talented.
In any case, many of my friends have paid their loans off, yet we earn similar amounts, and as you can see, I have a long way to go!
I wondered if a mistake with student finance had been made, but I made a ledger and reconciled everything, which balanced perfectly.
In any case, I’m curious to know people’s experiences and whether or not I got shafted due to my stupidity!
Similar situation, took £25k, with interest will end up having paid around £30k and that's a conservative estimate.
I felt properly shafted when leaving uni and looking at the size of the loan but for current students it's a different level at multiples of what I owed. I've once done a rough back of fag packet reconciliation and it appears to all tie back but who knows.
I came close to paying a chunk off with savings going back 10-12 years but so glad I didn't as went through a period of unemployment soon after. The interest has jumped massively in the last year and a bit...from 1.1% to 5.25% but I have 4k left which should be cleared in about 18 months so no plans to change that and would rather focus on pension and investments than pay off the loan early...swings and roundabouts.
I felt properly shafted when leaving uni and looking at the size of the loan but for current students it's a different level at multiples of what I owed. I've once done a rough back of fag packet reconciliation and it appears to all tie back but who knows.
I came close to paying a chunk off with savings going back 10-12 years but so glad I didn't as went through a period of unemployment soon after. The interest has jumped massively in the last year and a bit...from 1.1% to 5.25% but I have 4k left which should be cleared in about 18 months so no plans to change that and would rather focus on pension and investments than pay off the loan early...swings and roundabouts.
VR99 said:
Similar situation, took £25k, with interest will end up having paid around £30k and that's a conservative estimate.
I felt properly shafted when leaving uni and looking at the size of the loan but for current students it's a different level at multiples of what I owed. I've once done a rough back of fag packet reconciliation and it appears to all tie back but who knows.
I came close to paying a chunk off with savings going back 10-12 years but so glad I didn't as went through a period of unemployment soon after. The interest has jumped massively in the last year and a bit...from 1.1% to 5.25% but I have 4k left which should be cleared in about 18 months so no plans to change that and would rather focus on pension and investments than pay off the loan early...swings and roundabouts.
That's interesting to hear and also a bit reassuring; perhaps I didn't get a bad deal.I felt properly shafted when leaving uni and looking at the size of the loan but for current students it's a different level at multiples of what I owed. I've once done a rough back of fag packet reconciliation and it appears to all tie back but who knows.
I came close to paying a chunk off with savings going back 10-12 years but so glad I didn't as went through a period of unemployment soon after. The interest has jumped massively in the last year and a bit...from 1.1% to 5.25% but I have 4k left which should be cleared in about 18 months so no plans to change that and would rather focus on pension and investments than pay off the loan early...swings and roundabouts.
Paying back the loan has never bothered me as such. If I weren't at university, I'd have had to be earning and spending the money equal to the grant, so really the cost of my education was only the tuition fee plus part of the interest.
I've been grateful for the low-interest rate as well, but now it's adding about £55 a month to the balance. I've started to make voluntary repayments, with the aim of reducing the term somewhat, without leaving myself vulnerable to redundancy etc.
I must have had a plan 1 loan as I started in 2006.
My tuition was the full £3k per year, but I only did 4 years. I took the full maintenance as well. I think I ended up about £27k by the time I graduated.
I don't think you've done anything wrong, or different. If your friends have paid it off they have either paid off some chunks themselves, had help paying off from relatives perhaps, or maybe they never took the full amount at university? They might not have mentioned any of those possibilities deliberately or not!
My tuition was the full £3k per year, but I only did 4 years. I took the full maintenance as well. I think I ended up about £27k by the time I graduated.
I don't think you've done anything wrong, or different. If your friends have paid it off they have either paid off some chunks themselves, had help paying off from relatives perhaps, or maybe they never took the full amount at university? They might not have mentioned any of those possibilities deliberately or not!
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