Episode 284 - On this week's show I talk about student loans and explain how much interest is applied and at what point as well as how much you need to earn in order to start paying it back and what percentage you will be expected to pay. I also look at how maintenance grants are calculated and the factors that impact how much you receive.
I also explain the drawbacks of investment trusts thanks to leveraging and Andy gives some tips on what you could do with your old mobile phone.
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Resources
Student Loan Calculator - provided by Money Saving Expert
Past podcasts mentioned in this week's show
Hi, great podcast. When you talk about whether or not to pay off the student loan you say only if they are a high earner. What do you mean by ‘high earner’? Over £40000, over £60000, over £100000. Just a rough idea of what you mean would be really helpful.
Hi Mike
If you use this calculator you can work out how much you will likely end up repaying. You can then vary the assumptions on how much you earn etc to see the impact.
You have to be pretty confident that you will be earning a high wage for the rest of your career and so attracting the top level of interest if repaying early is going to be remotely attractive.
That’s why for most people it’s not worth repaying.
Best wishes
Damien