Ben Rogers says that parents paying their children's loans are 'throwing money away' following research Credit: MEN Media
Parents who are paying off children's student loans are being advised to 'stop throwing their money away'.
The advise comes from a Wilmslow-based company that have completed a report following months of research into the effect interest rates have on student loan repayments.
The research is aimed at students who started University after 2012.
Ben Rogers, Chartered Financial Planner at Equilibrium Asset Management, who led the research described the findings as 'fascinating'.
According to Ben, more parents with spare cash or large incomes are ‘considering making overpayments’ because their children have racked up massive debts while studying and those loans have been hit hard by the daunting current 6.1% headline interest rate.
Ben said:
Ben also explained loans are written off after 30 years, regardless of whether you have repaid all but £1 or never paid a penny.
