I graduated in 2007 and paid off part of my student loan. I had a balance of £10,000 in 2023 but haven’t paid anything since. Anyone else dealing with this, or have any advice on how I should handle it? I’m worried about the interest building up, but not sure if I should be stressing about it or just wait until I return to the UK.
I’m in a similar situation! I paid off mine for a while but stopped once I moved abroad. Didn’t even think about the interest building up until now. I’d say don’t stress too much, but it’s probably best to keep paying if you can. Just a thought!
@Hadley
Yeah, same here. I had a balance but didn’t think it’d keep growing like that. It’s crazy how much interest can add up!
Morgan said:
@Hadley
Yeah, same here. I had a balance but didn’t think it’d keep growing like that. It’s crazy how much interest can add up!
Do you know if they’ll chase you for it if you’re still abroad? I’m wondering if I should start paying just to avoid any issues later.
@Kade
From what I understand, if you’re outside the UK, they can’t really enforce it. But you’ll have to pay it once you return, and the interest keeps building. So, yeah, maybe paying a little now might help, but it’s not urgent if you’re not going back soon.
Oh wow, I didn’t know the debt just waits for you. That’s a bit of a relief but also scary with interest rates going up! I’m on the Plan 1 loan too. Do you know how much interest I’ll get hit with if I don’t pay anything for a while?
@Nico
Yeah, I was looking into this too. From what I gather, the interest rate on a Plan 1 loan can go up to around 6.25%, which is pretty steep. I think you’re safe for now, though, as long as you’re not back in the UK. But it’ll be a lot more when you return, unless you’re paying while abroad.
I’m totally with you on this. I had some student loans too but never bothered after I left the UK. I didn’t even know the interest was so high now! Guess I better check mine and figure out if I need to do anything about it.
@Zane
It’s a lot to think about, right? I guess the key takeaway is that even if you’re not paying now, the debt is still there, and interest keeps adding up. I’m probably going to start paying a little, just to avoid a huge surprise if I ever need to return to the UK.
Good to know! So, if I don’t go back to the UK, do I just ignore this loan? Or should I make any moves now? I’m not in a rush to pay but I don’t want to get hit with huge fees or something when I get back.
@Cass
No rush at all, honestly. If you’re staying abroad, they can’t really do anything. Just be prepared for interest to keep building if you don’t make any payments. It’ll be there waiting for you if you ever decide to go back. Just a heads up!
Thanks, everyone! That’s reassuring. I didn’t know the interest rate was so high right now. I’ll probably start making some payments to keep it under control, especially if I plan on returning to the UK soon.
@Shan
Smart move. Even a little payment now might help prevent a big surprise later! Let me know how it goes!