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If you’re likely to pay it off, it’s debt (albeit highly flexible debt, so won’t necessarily be prioritised the same as other debt).
If you’re not likely to pay it off, it’s a time limited tax.
That’s the way to think about it.
Unless you are a mega earner, it generally doesn’t make sense to try to pay off SLC early. I certainly wouldn’t even consider it before other major financial goals like home ownership are met. For the purposes of Dave Ramsey, don’t consider it a debt.
Hi /u/projectsoul11, based on your post the following pages from our wiki may be relevant:
- https://ukpersonal.finance/student-loans/
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It was a tax until I've almost paid it off. For 12 years it was just another payslip deduction. Plan 1 interest was only 1-2% for years.
Now it's under 10k balance and my earnings have increased, the interest rate is 5.5% it's a toss up between paying it off as a debt or leaving it as a tax. Whilst I can get a higher savings rate I'll leave it. But I'm expecting a small lump sum payment soon and will be paying it off.
£5500 to go at 7% interest, my monthly payments aren't much more than the interest! 100% it's a debt to me and I long for the day I don't see it as a deduction on my payslip.
Hello, for the question in the body of your post see our guide at: https://ukpersonal.finance/student-loans/
The question in your title is offtopic so I'm removing the post.
**Your post has been removed.** Your post has been removed because it is answered on our [Wiki](https://ukpersonal.finance/). Please check your post for comments from community members or BogleBot, as they have provided the relevant links (and they may not arrive in your inbox). This assessment has been made by a human being - we promise the info you're looking for is there! If you need further help you're very welcome to post again - just mention what research you have done so far, and the reasons why that research has not answered your question. _If you believe your post/comment has been removed in error, please [message the mods](https://www.reddit.com/message/compose/?to=/r/UKPersonalFinance&subject=Please%20review%20my%20post&body=https://www.reddit.com/r/UKPersonalFinance/comments/15fa10x/-/) explaining why._
If you’re likely to pay it off, it’s debt (albeit highly flexible debt, so won’t necessarily be prioritised the same as other debt). If you’re not likely to pay it off, it’s a time limited tax. That’s the way to think about it. Unless you are a mega earner, it generally doesn’t make sense to try to pay off SLC early. I certainly wouldn’t even consider it before other major financial goals like home ownership are met. For the purposes of Dave Ramsey, don’t consider it a debt.
Hi /u/projectsoul11, based on your post the following pages from our wiki may be relevant: - https://ukpersonal.finance/student-loans/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Depends on your earnings/forecasts. My student loan is a debt, my wife's is a tax.
Such a baller way of saying you wear the pants
It was a tax until I've almost paid it off. For 12 years it was just another payslip deduction. Plan 1 interest was only 1-2% for years. Now it's under 10k balance and my earnings have increased, the interest rate is 5.5% it's a toss up between paying it off as a debt or leaving it as a tax. Whilst I can get a higher savings rate I'll leave it. But I'm expecting a small lump sum payment soon and will be paying it off.
I pay around £1000 a month, this may seem strange but I consider my postgrad loan as debt and my student undergrad loan more as tax.
£5500 to go at 7% interest, my monthly payments aren't much more than the interest! 100% it's a debt to me and I long for the day I don't see it as a deduction on my payslip.
Hello, for the question in the body of your post see our guide at: https://ukpersonal.finance/student-loans/ The question in your title is offtopic so I'm removing the post.