Josh Hinh always knew it would take five years of university — and as a result, roughly £80,000 of student debt — to pursue his dream career in architecture.
But Josh, who is 30, had not fully appreciated that he might never reduce his Plan 2 student loan at all, because so much is added to his balance in interest each month.
Despite paying over £100 a month towards his student debt, that amount doesn’t make a dent in the interest being added, meaning his outstanding balance has continued to grow.
Shorts
Over time, he began to see the humour in it and even threw himself a party when the balance tipped over £100,000. He now owes over £110,000 – and he has abandoned all hopes of paying any off before it is eventually wiped.
