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## Repayment Strategy for Student Loan: Should I Repay Now or Later?

Dear all,

I am reaching out for advice regarding the repayment of my student loan. I am currently deliberating whether it would be more beneficial to repay the loan in full now or to start repaying it after I complete my education.

### Current Loan Status and Options

I completed my BSc in 2018, amassing a total loan amount of £19,150. Subsequently, I pursued further studies (Masters+PhD) in the EU and am now two years away from finishing my PhD. At present, my loan has grown to £25,727 with an interest rate of 7.6% (variable).

### Financial Considerations

Upon completing my PhD, I am obligated to commence loan repayment, with a requirement to pay 9% of my gross monthly income above a certain threshold. As an alternative, I have the opportunity to obtain a bank loan outside the UK at a favorable 2% maximum interest rate, which necessitates repayment within 10 years of completing my studies. This would enable me to settle the £25,727 student loan immediately.

### Long-Term Repayment and Career Prospects

Considering that the UK loan is forgiven after 30 years (24 years from now), while the new loan requires repayment within 10 years, I am uncertain about the most advantageous course of action.

### AI Legalese Decoder Assistance

Using the AI Legalese Decoder could assist in comprehending the complex financial implications and potential benefits associated with loan repayment options. The tool can help calculate the repayment timeframe, total amount to be repaid, and evaluate the merits of repaying the loan now using the bank loan at a 2% interest rate versus investing in an all-world ETF.

### Seeking Expert Advice

As I am not well-versed in financial calculations, any guidance or advice on the optimal repayment strategy would be greatly appreciated. Thank you in advance for your assistance and insights.

Warm regards.

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