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

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By Legal Cheek on


‘Qualification is by no means a given’

In the latest instalment in our Career Conundrums series, a trainee solicitor at a US law firm is unsure how to go about paying off their student loan given their “predictable but as of yet unguaranteed future income”.

“This is a question to anyone with the goodwill or sheer boredom to answer:

First seat trainee at a US firm, so years one and two are in the fifty-ish range. Qualification, which is by no means a given obvs, will lead to the big ol’ six figure salary which the authors of these articles love writing about so much.

Student debt is currently a cool £40k with interest due to hit 4.5% once they process my new employment details. Basically, what is the standard strategy for people in my position (trainee with a relatively decent whack and a predictable but as of yet unguaranteed future income) with regard to paying off their student loan? Had a look at a few Martin Lewis pieces but there’s only so much of those things a guy can read! I may or may not have the savings to be able to pay the whole thing off in one go (with precisely £0.54 left).

Ta in advance.”

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