US firm trainee: ‘Should I pay off my student loan in one go?’

‘Qualification is by no means a given’

Within the newest instalment in our Profession Conundrums collection, a trainee solicitor at a US legislation firm is uncertain tips on how to go about paying off their student loan given their “predictable but as of yet unguaranteed future income”.

“It is a query to anybody with the goodwill or sheer boredom to reply:

First seat trainee at a US firm, so years one and two are in the fifty-ish vary. Qualification, which is on no account a given obvs, will result in the massive ol’ six determine wage which the authors of those articles love writing about a lot.

Student debt is presently a cool £40k with curiosity resulting from hit 4.5% as soon as they course of my new employment particulars. Principally, what’s the customary technique for folks in my place (trainee with a comparatively first rate whack and a predictable however as of but unguaranteed future earnings) with regard to paying off their student loan? Had a have a look at a couple of Martin Lewis items however there’s solely a lot of these issues a man can learn! I might or might not have the financial savings to have the ability to pay the entire thing off in one go (with exactly £0.54 left).

Ta in advance.”

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