student loan written off at 60?
Options
philip
Posts: 94 Forumite
I was obliged to take out a student loan in 1998. Just over £1000. Since then due to low income it has been deferred each year.
I will be 60 in Nov.Am I right in thinking it is written off when you reach that age?
I will be 60 in Nov.Am I right in thinking it is written off when you reach that age?
0
Comments
-
I always thought it was 25 years after you took the loan out, but that may just be on the new system.....Green and White Barmy Army!0
-
But my team's in the cup final!0
-
The answer to this comes from Martin himself :money: on MSE.
"Loans pre-1998 that haven't ever been in arrears are wiped clean 25 years after your repayments started (even if payments have previously been defferred), if you reach the age of 50 (60 if you were over 40 when you started the loan), if you become permenantly unfit to work or if you die.
If post-1998 loans haven't been repaid, possibly due to consistently earning less than the payments threshold, once you reach 65 (for loans taken before September 2006) or 25 years from the first April of graduation (for loans after September 2006) debts are wiped clean. They are also cancelled if you become permenantly unfit to work"
HTH0 -
The answer to this comes from Martin himself :money: on MSE.
"Loans pre-1998 that haven't ever been in arrears are wiped clean 25 years after your repayments started (even if payments have previously been defferred), if you reach the age of 50 (60 if you were over 40 when you started the loan), if you become permenantly unfit to work or if you die.
If post-1998 loans haven't been repaid, possibly due to consistently earning less than the payments threshold, once you reach 65 (for loans taken before September 2006) or 25 years from the first April of graduation (for loans after September 2006) debts are wiped clean. They are also cancelled if you become permenantly unfit to work"
HTH
So basically those who did their degree between 1998 and 2005 got a really cr*p deal!!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
not really - you still got a cheap loan that gets written off after a period of time, seems pretty good to me.0
-
-
OOh thanks for that info Finbow:T :T"You can't stop the waves, but you can learn to surf"
(Kabat-Zinn 2004):D:D:D0 -
The answer to this comes from Martin himself :money: on MSE.
"Loans pre-1998 that haven't ever been in arrears are wiped clean 25 years after your repayments started (even if payments have previously been defferred), if you reach the age of 50 (60 if you were over 40 when you started the loan), if you become permenantly unfit to work or if you die.
If post-1998 loans haven't been repaid, possibly due to consistently earning less than the payments threshold, once you reach 65 (for loans taken before September 2006) or 25 years from the first April of graduation (for loans after September 2006) debts are wiped clean. They are also cancelled if you become permenantly unfit to work"
HTH
So what happens if you die with post-1998 loans??0 -
The answer to this comes from Martin himself :money: on MSE.
"Loans pre-1998 that haven't ever been in arrears are wiped clean 25 years after your repayments started (even if payments have previously been defferred), if you reach the age of 50 (60 if you were over 40 when you started the loan), if you become permenantly unfit to work or if you die.
If post-1998 loans haven't been repaid, possibly due to consistently earning less than the payments threshold, once you reach 65 (for loans taken before September 2006) or 25 years from the first April of graduation (for loans after September 2006) debts are wiped clean. They are also cancelled if you become permenantly unfit to work"
HTH
Sorry to resurrect a dead thread - but what about people who took out their loans in 1998? (beginning university in the academic year of 1998-1999 for instance)
What is the date that the pre-1998 system was replaced by the post-1998 system?0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards