cancelled loan

molesworth

My daughter (started uni in 1998) has been deferring her student loan payments since graduating in 2001. The most recent statement received showed that the first of the three loans had been paid off. Not by her! :j

Does anybody know why this might be? Are loans cancelled after a certain amount of time?

Bossyboots

I have seen some threads (can't remember which of the forums I visit they were on but will try to find them) from people who have paid money off their student loans only to find it has been credited to the wrong account. I wonder if this could be the case here.

superscotsman

Strictly speaking she will have to pay these amounts back if they have been paid in error, so she would be wise not to spend her bonanza. How the bank will handle it I have no idea, but they might come up with some kind of gift as way of an apology - if they have any sense they will. My advice would be to keep mum till you hear from the bank. Think of the interest she will have saved.

molesworth

Thanks for the replies. We'd sort of hoped that student loans might be cancelled after a while. Guess we always knew this was too good to be true, though!

And of course we don't want to take anyone else's money if there has been a mix-up