OMG, I just made a student loan GPT and it calculated the r…
OMG, I just made a student loan GPT and it calculated the repayments (including overpayments to get it paid off by age 65) at our current exhorbitant RPI (retail prices index aka student loan interest rate). This is just for borrowing three year's tuition fees... no maintenance costs factored in (rent, food, etc). Holy f*ck!
Including the initial borrowing amount of £37,500, the total amount you will repay over the years, factoring in both the regular repayments and the additional overpayments necessary to pay off the loan before age 65, is approximately £527,123. This total combines both the principal amount borrowed and the interest accrued over time, as well as the extra payments required to counter the high interest rate and ensure the loan is fully paid off.