Although there are different types of student loans in the UK depending on when you graduated, the short answer is no. In the UK, the Student Loans Company only collects repayments once you earn over a certain threshold. Even then, they only deduct 9% of whatever you earn above the threshold. If you are unfortunate enough not to earn enough to pay back the loan in about 30 years (that’s 83% of us), then we simply don’t have to pay it back anymore.
Knowing this, student loan debt doesn’t really behave like real debt. It’s more like a graduate tax or contribution you make for the funding you got towards your studies at university.
But, you might argue that there’s interest on your amount owing, and you don’t want to pay interest if you don’t have to. The good news is that the interest rate is so low compared to conventional debt interest that you’d be better off investing or saving the money and getting higher returns. It’s also important to prioritize contributing to an emergency fund in case you lose your job for instance, instead of paying back the student loan. If you voluntarily pay back the student loan in full and then realize you needed the money for something else, you won’t be able to get that money back and you may be forced to go into real debt if you borrow money conventionally.