home
in
Search

moneysupermarket.com community... » Forums » Money & finance » Help- Student Loan

Help- Student Loan

Last post Mon, Nov 24 2008, 3:50 PM by justbusiness. 3 replies.
Sort Posts: Previous Next

  •  Mon, Nov 24 2008, 3:50 PM

    Re: Help- Student Loan

    Reply Quote Report Abuse

    The only thing you can do is check through the terms and conditions. However I have to say that £30 per month on a £9600 loan actually works out at less than 4% apr which is not a bad rate to pay! I would look into paying as much back as soon as possible because as with all loans the longer you have them the more you end up paying.

    • Post Points: 5

  •  Mon, Nov 24 2008, 3:38 PM

    Re: Help- Student Loan

    Reply Quote Report Abuse
    You shouldn't grumble. That's about 3.75% pa. Once the balance comes down a bit, your £60 will go more to paying off capital and less on interest. With a commercial loan, £60 wouldn't be enough to cover the interest.
    • Post Points: 5

  •  Mon, Nov 24 2008, 3:33 PM

    Re: Help- Student Loan

    Reply Quote Report Abuse
    Sam, get a hold of the terms and conditions and read them through gotta say though it doesnt surprise me. my other half is paying off £13k with the interest added on.
    • Post Points: 5

  •  Mon, Nov 24 2008, 3:10 PM

    Help- Student Loan

    Reply Quote Report Abuse

    Hi guys

    I have a student loan with a balance of £9600. I am due to start paying this back next year 01/04/09.

    Now, I am accumilating £30 per month interest on this. So, when I start paying it back at say £60 per month, I will only be paying £30 of the balance of, and £30 for the interest? Surely this cant be correct as I will end up paying back double the loan amount?

    Anyone have any experiance with this please

    Cheers sam
    • Post Points: 50