A few days ago I did the maths, and saw that there were no instant-access savings accounts that would pay me more after tax than my student loan cost. Today I picked up the phone to the Student Loans Company, and paid off the last £1,200 of my debt.
That’s the last of the debt I accumulated over seven years, from 1995 to 2002. Much of the money went on two degrees, and some of it went on living expenses. For two of those seven years I was working in London, seriously underpaid, for Sweet & Maxwell, and the amount I owed rose slightly over that period. When I finally left university for a second time, I owed about £21,000 in total, to two banks, the Student Loan Company, two credit card issuers, an MCR and my parents.
So that’s £90 a month more I’ll have to do with as I please. Of course, all I do these days is obsess over when I should buy a house and get into much, much more debt.
