student loan written off at 60?

philip
philip Posts: 94 Forumite
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in Student MoneySaving
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?
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Comments

  • kr15snw
    kr15snw Posts: 2,264 Forumite
    I always thought it was 25 years after you took the loan out, but that may just be on the new system.....
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  • philip
    philip Posts: 94 Forumite
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    But my team's in the cup final!
  • finbow
    finbow Posts: 119 Forumite
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    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
  • pinkshoes
    pinkshoes Posts: 20,074 Forumite
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    finbow wrote: »
    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')
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  • Blacksheep1979
    Blacksheep1979 Posts: 4,224 Forumite
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    not really - you still got a cheap loan that gets written off after a period of time, seems pretty good to me.
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
    pinkshoes wrote: »
    So basically those who did their degree between 1998 and 2005 got a really cr*p deal!!

    Repayments for the earlier loans were much higher and not on a sliding scale. Once you went over the line you were immediately hit for quiite high repayments as posters on here have found.
  • candygirl
    candygirl Posts: 29,455 Forumite
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    OOh thanks for that info Finbow:T :T
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  • u2o
    u2o Posts: 349 Forumite
    finbow wrote: »
    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?? :confused:
  • Mikeyorks
    Mikeyorks Posts: 10,369 Forumite
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    u2o wrote: »
    So what happens if you die with post-1998 loans??

    ....... you've just become 'permanently unfit to work?' ;)
    If you want to test the depth of the water .........don't use both feet !
  • TehJumpingJawa
    TehJumpingJawa Posts: 656 Forumite
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    finbow wrote: »
    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?
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