1. THINK OF IT AS A TAX
In a way, student loans are much more like a graduate tax than a debt; once you earn over £25,725 (or £18,935 if you went to uni before 2012) you contribute 9% of everything you earn over those thresholds.
2. IT’LL PROBABLY BE WIPED ANYWAY
Unlike a normal loan, student debt is wiped after 30 years* (from the April after graduation). If you never earn over the threshold, you pay nada. Only 15% of graduates are expected to pay off the entirety of their loans** - these are the super high earners.
3. YOU COULD PAY IT BACK EARLY..
...but just because you can, doesn’t mean you should. Unless you really back yourself to earn enough to pay off the entire loan before it’s wiped, it may not make sense to pay it off early - put that £ elsewhere. Check out the MSE student loan calculator.
4. IT DOESN’T IMPACT YOUR CREDIT SCORE 💳
The only way that student debt is likely to impact how much you can borrow is when a bank runs an ‘affordability check’ as part of your mortgage application. Because repayments lower your take home salary, you can’t afford such a big mortgage.
5. LET IT GO!
If you look back and realise that you may have just indulged in a 3 year party with a 50k price tag, look for the positives. Uni is about more than academics and employability. At the very least, you've gained some life skills, friends and good stories.