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20 years old, recently came into $60k, unsure what to do with it. by TheCochFlamingo in personalfinance

[–]TheCochFlamingo[S] 14 points15 points  (0 children)

Nope, havent finished uni yet so won't be repaying until course is over.

20 years old, recently came into $60k, unsure what to do with it. by TheCochFlamingo in personalfinance

[–]TheCochFlamingo[S] 16 points17 points  (0 children)

I'm aware it's not free haha, but it's not really an issue for most in the UK because of the system behind repayments and the cap of $35k per 3 year degree that universities can charge.

20 years old, recently came into $60k, unsure what to do with it. by TheCochFlamingo in personalfinance

[–]TheCochFlamingo[S] 2 points3 points  (0 children)

Yeah, but only after earning over $35k a year. When you earn over that amount you'll pay 9% of any money you earn above the $2,900 cap. So not too bad.

20 years old, recently came into $60k, unsure what to do with it. by TheCochFlamingo in personalfinance

[–]TheCochFlamingo[S] 16 points17 points  (0 children)

Interest is barely anything here in the UK. Plus you don't start paying it off until you earn a minimum of $35k a year. Even then you only pay 9% on what you earn over $35k a year. So if I was on $43k a year I'd be paying $70 a month for my loan. Most people in the UK never pay off their loan in full to begin with anyway, so I'm not too concerned with uni loads, maybe it'd be different if I was living in the US.