3rd year doctor here. I left medical school with £64k student loan debt. A mixture of Plan 1 (from my previous degree) and Plan 2 (medical school). I crunched the numbers, and with my projected salary (and I'm currently sitting in the 40% tax bracket anyway), it made way more sense to pay it off. So I grinded the first 2 years, paid it off, and now I'm investing my income while saving for a deposit. Seems to be working out for me. Good luck to all on their own journeys!

Thank you! I was one of the people who asked you this! I'm happy to say that the loan for my 5-year degree is finally (8 years after graduation) being paid off in full next week!! I'm so excited as it's my only debt! ☺

@EstherCole

3 жыл бұрын

Congratulations! I paid mine off as well after 8 years but it's a controversial topic... hence why I'm watching this video! !

I’m in year 8 but I love thinking ahead

@northside2southside12

3 жыл бұрын

Keep it up. Nobody will teach you this information. You have to teach yourself. Look up Robert Kiyosaki - Rich dad poor dad books Listen to and watch 'The Secret' And find the movie 'Waking Life' - it's not on KZread and you may have to pay to watch it, but for the price of a MacDonalds, you are arming yourself with a mental framework of resources to be able to flourish into a pro active adult. Then fix your Credit, learn to invest and save and make sure you understand about tax brackets, interest and compound interest. I'm 25, in year 9 I started thinking about adulthood and financial independence. I didn't find the information until 18 and it cost me £50,000+ in student loans and education... Good luck 🤞

@foggers0476

3 жыл бұрын

@@northside2southside12 I'm 16, I've read rich dad poor dad and learned so much, I want to know where I can find both 'The Secret' and 'Walking Life' I've searched them and not found anything...

@massimomonks5752

3 жыл бұрын

may you have success in your life!

Amazing advice! You uploaded it yesterday and I knew that I would have to watch it today in my spare time! It was a very logical and simple advice that most people really overthink and I really enjoyed listening to your advice! Thank you so much!

Superb video thanks, I love your attitude and what you're doing with this channel!

Great video and was a question on my mind!

Great Video! Very Clear and helpful. Would be useful if there were some more visual summaries or cues as you are explaining each part of the video. And I agree about the podcast suggestions!

Brilliant video and completely agree with particularly what you said in the end. I think future high school graduates should seriously consider if further education and university is the right decision financially for them. Of course, if you need a degree to qualify in a profession then it is necessary e.g. law or medicine but more general degrees may just not be worth it! £9250 just for tuition fees alone with 5.4% interest rates whilst studying (which may fluctuate depending on the RPI) is considered by some as an extortionate amount in comparison to before 2012. Saying this, though, I am also a strong believer that university is such an incredible opportunity to grow and mature as a person whilst developing a vital critical thinking mindset and not accepting information at face value! Anyway, loving your channel and content! Thank you!

Student loan plan number 2 is a horrible misnomer, it is a tax. The only people who will ever pay it off are the same people who wouldn’t need a student loan in the first place. I’m a mechanical engineer, we generally have good starting salaries that are roughly close to the uk average wage. But being engineers we’re pretty good at maths, a group of us sat down and worked out, in order to actually pay off the loan you’d need to leave uni and instantly start eating £80k. But that 80k means you just finish paying it off about 1-2 years before it wipes.don’t even bother trying to pay it off quicker, just invest your money.

@gabriellelittle5030

4 жыл бұрын

Cheers! Got a degree and masters in Aero and was confused as my parents keep telling me to try to pay it off :/

This was really informative, thank you!

@JenniferAMThomson

3 жыл бұрын

Glad it was helpful!

I'm in my final year of University, due to circumstance I have spent 5 years at University. When I tell co-workers at my part time job the approximate amount that I'll be in "debt" they wince and tell me I'm a complete idiot, why would I get myself into that much debt for a piece of paper. Anyway without going into too much detail I calmly explain how all it really means is that I'll be paying an additional tax for a X amount of years and that chances are that unless I get an extremely well paid job it's unlikely I'll ever pay it off in full. If I do get an extremely well paid job and pay it off in full then fantastic, it was obviously worth it 😂

Thanks for the tips!

@JenniferAMThomson

4 жыл бұрын

Happy to help!

Thank you 💜

Great video! As a U.K. graduate living abroad, I really struggle to find sound advice regarding whether the loan has an impact on access to credit abroad... I can only find articles about paying back the loan which is pretty clear. I wonder if anyone can shed some light on this

Hi Jennifer, thanks a lot for an incredibly useful video! Also, I just graduated from med school in Glasgow :) I may be in a similar position to you where my loan is small (just tuition fees for one year in England) so I think I'll try to pay it off asap, especially given my profession where I will be getting annual pay rises! Thanks again

THANK YOU

I really needed this thanks a bunch @MamaFurFur new subscriber here

If I hadn't decided to pay off my student loan, I'd never have learnt to budget and save... it's been quite a journey. I'm lucky because my 30k loan was paying off anyway, so I just spead up the process. Only took 8 years...

I already have a BA hons in Graphic Design without any fees, and have been teaching English overseas for 6 years. I wanted to do Biology BSc with QTS, as I did well on an Access Course (health), but it is so expensive, and I'd probably end up subject teaching abroad again for a period of time. I just read that SFE now take into consideration a different income threshold and percentage to pay back, depending on the country you will be residing in. They have done this without stating the amounts for different places in writing. I am glad I paid for the Access Course in full, as I am unsure what to do, as the fees aren't clear. I don't believe that anyone should try to pay loans back unless you're a higher earner, and do it early in my opinion within 2 years of graduating and earning a significant amount. I think it's an absolute disgrace that universities have been allowed to charge such a huge amount in tuition fees.

I left university after just 2 terms debt is therefore really small under 10 thousand. I started paying back the the minimum when I left at £20 per month including my overpayments would you recommend trying to pay it off in larger amounts?

I have a plan 1 loan. Although the interest rate is currently 1.1%, I have decided I want to clear this debt as a priority. Although I could get a nice return investing, what's the point if I've still got 30k looming over me? In the first 3 years of my career, I think I had paid off maybe 2k. Ridiculous. I've moved to the EU now by the way so I have to pay this out of my take home salary. I have made a plan to pay this off by April 2024

I’ve borrowed £50k in total....for my degree and masters so it ain’t a small amount! I’m also plan 2 and English.

I have been a nurse for 2 years and I was one of the lucky ones still entitled to the bursary. So my university fees were paid for I just had a maintenance loan of approx £7500 total over the 3 years. My current statement I have paid £2350 but the interest has been £3500+. So which means I haven’t made a dent in the loan it has only accrued interest. Over 30 years I will be paying approx £75,000 for that original £7500. I believe if you can pay it off sooner like you say when it is still relatively if small value you will be able to use your money to have a better quality of life and invest in your future. Yes each year your only paying a small amount out of your wage just another tax but over the lifespan of the loan of 30 years that is a lot of money to waste.

I’m quite certain that my plan 1 student loan (I’m in England) doesn’t expire. I graduated in 2006. Think there was a few years where they changed it . Very annoying! 😏

So you only pay the 9% if you’re above the threshold and you only pay the 9% until you fully pay back your loan right? And if you don’t fully pay it back within 30 years you’re free?

I'm in an interesting situation. I'm a corporate trainee lawyer on £55k when I qualify this will rise to £130,000 before I've reached 30. I think I should aim to pay my loan down as soon as I can.

Hi, can you do a podcast for all your youtube videos for we that are always on the road. Thanks for sharing your financial wisdom.

@JenniferAMThomson

4 жыл бұрын

Leave this with me :O)

There's no way I'm going to overpay my student loans. I have >£40,000 is cash and assets...and £45,000 student loan bill (Plan 2) Like you say in your video Jennifer, my investments are earning more than the student loan is costing me. Plus, I barely earn over the threshold so I'm going to ride this one out unless my income skyrockets.

Due to circumstances, I had to spend 5 years at university to achieve my degree (foundation year and had to resit my final year due to medical circumstances involving my father back in 2018, he is now since better) I then went on to do a teaching course the year after graduating (quit mid way through, too much stress...), I now have a debt of approximately £96,000... with an additional £400 in interest added every 3 months... I'm not seeing myself paying this off any time soon... I managed to achieve a job early this year after the COVID crisis and now only JUST started earning above the payment threshold after getting a promotion a few months after starting the job (managed an associate practitioner role in the NHS)... so I don't think there's any option for me other than waiting the 30 years... Looking towards getting a Biomedical Scientist position in the future. Right now the AP position is just something for the experience and the money isn’t too bad either.

@tlfa5554

2 жыл бұрын

How much do they take it from you monthly

Okay, but if you have more money than the threshold so begin to pay it back, does it still disappear after 30+ years, If they see you can actually afford it? And you have to pay your loans back if you’re over the threshold right? You can’t just put your money into other things?

@matthewmaloney2927

4 жыл бұрын

Yeah I’m any scenario it is wiped off after 30 years. And I’m pretty sure if your over the threshold, the money is taken automatically out of your wage. Hope this helps. The ‘money supermarket’ website has lots of information though.

Hi, I am from India planning to study in UK January 2024 intake. I have taken an loan amount of 30 lakhs that is 30000 GBP. Can I will be able to pay back the loan amount after my graduation, by working in UK? 1 UK pound = 100 Indian rupees. My monthly emi is around 490 pounds which means 50 thousand Indian rupees. Is it easy to make money in UK and send back to India as the currency exchange rate is high?? Please reply!!!!

I’m currently a student in university and I have applied for a tuition loan and a maintenance loan. However, I am confused on how these will be paid back. Will they be paid back individually or does it all count together? For example, if I’m told to pay back £50 a month, will this be doubled as I have two loans? Or does that £50 contribute to both loans as if they are one loan? Any help is appreciated, thanks

@sarahe2230

3 жыл бұрын

It's all one loan as they're from the same company (student finance England, I'm assuming), it's just going to different places🙂

Pay off, that's my plans.