To pay off your student loan by age 29, you would need to m…
To pay off your student loan by age 29, you would need to make increasing annual payments over the next 11 years. The total amount repaid in this scenario would be approximately £64,844. The annual payments would start at about £3,713 in the first year and incrementally increase each year, reaching around £8,709 in the final year. This approach ensures the loan is fully repaid within your 20s, accounting for the interest rate of 8.9%.
This strategy requires significant financial commitment, especially in the later years. If you have more questions or need assistance with other scenarios, feel free to ask!
I need a stiff drink!
Replies
brutal... my default position is that i need to figure out a way for my kids not to have to go to college...
That was my default position too right up until James gave me the puppy eyes, lol. In a high interest environment it's an absolute swindle!
haha... yea... i've still got a while before sofia flexes on me about college with her cute overload
And I bet your powers of resistance will be approaching nil, like it is with me. Might get James to look at these charts though. That was a seriously unpleasant half hour!
[[ai gpt idea]]: persuade highschooler not to go to college
LOLOLOL