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7th October 2019 - David Herbert

Should I pay off my child’s student loan?

The last thing many parents want is for their children to leave university with a huge student debt hanging over them. We are often asked the question – “Should I pay off my child’s student loan?”

It’s a simple question to ask, but one that has no simple answer and depends on personal circumstances and feelings rather than just plain logic.

The logical part of our discussion leads to consideration of the following points:

Most students will never pay off their loan; the total debt and interest payable is therefore, in our opinion, irrelevant. Money Savings Expert, Martin Lewis, suggests that people should think of student loan repayments more as a ‘graduate contribution tax’.

Only when we’ve completed our analysis and considered the above points, can we balance the logic with our clients personal feelings and help them come to the right decision.

You should seek personal advice from your Financial Planner before making any significant financial decisions.

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