Showing posts with label debt. Show all posts
Showing posts with label debt. Show all posts

Thursday, 23 April 2015

Why I Am Happy to Have a Student Loan (in the UK) and Not Repay it Early

With the UK General Election fast approaching (has anyone in the UK noticed it yet?) the issue of university tuition fees and student loans has--as usual--become a hot topic. It got me thinking again about my relationship with my student loan.

I consider myself an incredibly lucky person. I have been given the opportunity to get an extremely good education.

I was the first person in my family to go to university. And it was the start of a long and invaluable process. I have since undertaken a Masters and then--as if that was not enough--my Doctorate.

Thankfully, with both my Masters and Doctorate I was generously funded. But like so many, for my first degree I had to take on a comparatively large debt to take up the opportunity.

All in all, that is about £21,000. A lot of money.

I won't lie to you, watching the letters pop through my door every year telling me how much has been added to my total loan is not my favourite letter.

But whilst I was working between my undergraduate and postgraduate degrees I seriously considered overpaying on my repayments. After all, being debt free is best isn't it? Luckily I did not do this.