Student Loan Write Off

I thought it was when you turn 65 (years old)

I am annoyed and dissapointed at the same time.

However I think I know where you are coming from. Why not ring up a debt advice place, or CAB?

if you borrowed it, you should pay it back?

robnye wrote: »

i believe that you start paying back once you start earning £15k per year at 9% per month.

if you are not working, then you cant pay anything back as you wont be getting £15k per year in benefits (although i might be wrong)

the loan is written of if you havent paid it all back within 25 years (but i may have the wrong figure there)

Funny that is... when i was earning under 15K and had debts I still had to pay mine off or else I got CCJ's.:rolleyes: My son has never had a loan yet and has managed to live without one and gain some qualifications as well.:rolleyes:

I hope you are right with the 25 years thing:D

ChloeRadshaw wrote: »

Does anyone know what the situation is with student loan write offs?

I got a student loan in 2001->2005 and got left with a 20K Loan.

I heard that if you do not work for ten years then this gets written off but I find that difficult to believe

Does anyone know under what circumstances this loan gets written off?

Thanks

Oh I'd love if it that were true. I got my first loan in 1997, so at least one would be written off my now (the join of doing all that post-education education).

The figure of 25 years is correct. For the new-style student loan, as soon as you earn over £15k it will be automatically deducted from your wages on a sliding scale (more you earn, more you pay). For old-style loans (i.e. you started uni in 1997 or before), you will need to earn £26k and then you will pay back a fixed amount- no matter how much more you earn.

If you do not earn over this 'threshold' in the next 25 years, they will stop chasing you for them.

My advice- get a job, pay off your debts and stop worrying about something that may never have to worry you. They will find you when you earn over that threshold and they will take their money!

birduk wrote: »

Oh and Marshallka, before you start waxing lyrical about your son earning £2 an hour, there are many many students that do the same to pay their way- don't be taring everyone with the same brush.

I earned practically a full-time wage at a rather profitable supermarket every year of my education- which consequently suffered, to pay my bills. I also took out a full loan every year and indebted myself up to the eyeballs with my bank. Plenty of students have to do this just to get by.

I am happy that your son doesn't have a massive debt hanging round his shoulders before he even starts his first 'real job' with nothing to show for it except a degree certificate- but he is blooming lucky to be in that situation. Don't ever forget that.

I never said he had a "degree certificate" and did not say every student and I am annoyed at our system. Where you say that you indebted yourself every year just to get by that is life. We indebt ourselves to get by by having our mortgage and paying our bills but if we get into debt then we pay them off and always have done. If we don't pay them then we get CCJ'd and also most probably lose our homes. My son worked for an apprenticeship and after doing 12 months of earning £2 per hour and working hard as well they got rid of him as they could then get another mug instead of paying him the minimum wage he was entitled to.

If every student indebted themselves and then could not get the perfect "real job" paying the "perfect wage" and left the debts to the rest of us then where would this country be.

My husband is a fully qualified electrician and never went to uni. He got a job and went to college at night and suffered that way. I am not a lover of student loans and all this debt that is often left and written off. My husband earns under 25K now... could we leave all our debts for 25 years that we have purely as he had to learn in the evening. Perhaps he does not have a "real job!!!".

Sorry if i am waxing lyrical here again but I am entitled to post. The OP was asking about if he/she did not work then would the loan be written off. I simply expressed my own views on the subject.