I was under the impression that UK student loans were really cheap credit, and were incredibly low interest rates. After hearing some radio shows on student finance their advice was to always pay the minumum as its the cheapest debt you'll ever have
I'm not sure this is the case.
In my final year of uni I took out a £3000 loan, thats all I borrowed.
After about a year of working I started to get deducted student loan payments from my wages, it varied month to month but ranged between £35 and £75, so lets take an average of £50
I've actively been paying now for at least 24 months, so that would be 24 x £50, so that would be about £1200 paid off so far.
I recently got a statement saying my current student loan balance is £2400, either there had been an admin error on their side, or there is some poor interest rates on this
Can anyone advise?