Debt-free!

[fivemack]

I have just paid off my student loan. Mine was the first year that had loans, at a highly uncommercial interest rate; I let the loan mature for four years while I did a PhD, and started paying it off at £125 a month in about June 2003. Now I can switch that standing order into savings, so that I never see the extra money to feel that it's there to be spent.

I think tombee, to whom I sold in the second year of my PhD the computer which I bought with my second undergraduate year's student loan, threw it away about three years ago; hardware dies, but debt endures.

Comments

[uisgebeatha.livejournal.com]

*cries*

I've just started to pay mine off; I think only about 50-odd quid comes off my wages, so looks like it'll be a while before I'm debt-free... :/

[lnr]

You're new style, not old style. We had to pay ours off over 5 years, as soon as we reached a certain amount of pay, and they just take the amount you owe and split it over 60 months repayments, with adjustments for interest. Which means the repayments could be quite big if you owed a lot.

You start paying yours off at a lower rate of pay, but the amount you pay is based on what you earn and done automatically through PAYE.

[uisgebeatha.livejournal.com]

Ah I see. I'll stop lamenting now then. ;)