Martin Lewis

If we're going to go super nerdy, if I'm putting my full geek glasses and teeth in for this one...

then the absolute best result, if you were going to play the system doing that, would be to Stooze.

Go look up Stoozing.

We've talked about it in the podcast before.

Podcast producer Simon now, once he's editing this, is going to tell you which podcast that was and when you can listen to it.

Thank you for that, Simon, whatever you just said.

And you would probably be better off to stew.

So yes is the answer, but lots of ifs and buts.

But most people, be careful moving your student loan debt to a commercial debt, even if the interest rate is cheaper with the commercial debt.

The student loan does have some preferable terms, such as the fact if you lost your job and you couldn't repay it, you no longer have to repay your student loan because it's based on an income contingent system, i.e.

you only repay it above a threshold.

Hopefully I've danced around all the different issues in there and given you enough to think about.

When you were saying you've got no debt, would you count a mortgage as a debt?

Well, it depends on your mortgage rate.

So if you have a mortgage rate that's at a higher interest rate than your student loan currently is, which is 3.2%,

then you would probably want to consider overpaying the mortgage as a priority to overpaying the student loan debt.

Presuming you could overpay the mortgage without overpayment penalties.

It's a whole other subject there, Simon.

You know, we could do another six minutes on overpaying your mortgage and when it's right, when it's wrong and how to best utilise it.

But hopefully, my suspicion is I've given a relatively sophisticated answer there to Tom because it was a relatively sophisticated question.