Student loan and marriage

Sweeds

I have a student loan that I am paying back as I am working full time at present, however I am getting married next year and when I get married I am hoping to give up work - what will happen to the debt?
Will my husband take responsibilty for it?
Is it based on his income?
Or is it written off as I won't be earning thus I won't have anything to pay back vis PAYE?

Any advice would be fabulous, thank you :-)

CLAPTON

what sort of student loan do you have ..when did you take the loan out.

vaporate

It will not be written off unless you are classed , legally, as unfit to work for life or die.

It will remain in your name for life so no, your husband will not pay a penny.

Lastly, you will just keep defering it every year. However, we will need to know what year you took the loan out, otherwise no more advice can be given.

Sweeds

Thanks guys!

I took it out in 2002 - 2006, approximately £18000.

So as long as I'm not working, unfit to work or (eek) not here at all it just won't get paid and will just be deferred each year? Do I have to do anything to defer it or does the SLC do that?

I appreciate your help, and my future husband definately appreciates it!!

vaporate

You will, or should, get written to by the SLC every April. Just make sure they know any change in circumstances like your address and bank details where you had your loan paid into.

I'm in the same position as you so don't worry too much. If you earn less than £15000 per year, you pay nothing back, ever, as long as you keep earning less than 15k.

Do not make voluntary payemnts either, your better off keepingthis money as it will eventually be written off anyway.


Take a look at this link, will put your mind at ease: http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/RepayingStudentLoansCoursesStartingFrom1998/DG_10034867

iolanthe07

Your husband will be required to sign a form every year stating that he is willing to support you. My son-in-law does this for my daughter, and she graduated in 1991. I understand that after 25 years the loan is written off.

Sweeds

Hi!

Thanks for this information, you've definatley put me at ease; as long as I don't earn more than 15K I won't pay anything, even though my future husband will earn more than that - he doesn't have to start making payments because it's my debt!

Thank you again :-)

housebuyer_abc

Sweeds wrote: »

Hi!

Thanks for this information, you've definatley put me at ease; as long as I don't earn more than 15K I won't pay anything, even though my future husband will earn more than that - he doesn't have to start making payments because it's my debt!

Thank you again :-)

Which all seems so wrong!

You took out the loan you should pay it back. I agree people unable to work should have a get-out clause, but people who are able to and just don't shouldn't get away so easily

RenStar

iolanthe07 wrote: »

Your husband will be required to sign a form every year stating that he is willing to support you. My son-in-law does this for my daughter, and she graduated in 1991. I understand that after 25 years the loan is written off.

This will not be the case for you OP, given the time you graduated. The rules are different for the type of student loan you have which is known as income contingent - that means it is linked to you via your NI number. Therefore if your income in any one year is below the threshold (currently £15k) you do not make any repayments. As you already know, repayments occur automatically from your salary if you're earning above the threshold. Your husband will not take on the debt or have anything to do with because you took out the loan. If the loan is not repayed by your 65th birthday, it is written off.

See the link below for more information:

http://www.slc.co.uk/about%20student%20finance/products%20and%20services/write_off_terms.html

I see the rules have been changed again so that people who took out student loans in 2006/7 have them written off after 25 years. It's the government making the rules governing student loans so no point lecturing the OP about paying it. She has no choice, she will if she earns enough whether she likes or not. If she doesn't earn, she doesn't pay.

vaporate

housebuyer_abc wrote: »

Which all seems so wrong!

You took out the loan you should pay it back. I agree people unable to work should have a get-out clause, but people who are able to and just don't shouldn't get away so easily

Not in this case. Most graduates will never pay it all back, or even partially. Voluntary payments will be in vain too.

Basically if you only have a SLC loan, you are debt free. As Martin lewis himself stated on this website.

A bank loan is a whole different story.

Happy to say I'm debt free with savings.

CLAPTON

vaporate wrote: »

Not in this case. Most graduates will never pay it all back, or even partially. Voluntary payments will be in vain too.

Basically if you only have a SLC loan, you are debt free. As Martin lewis himself stated on this website.

A bank loan is a whole different story.

Happy to say I'm debt free with savings.

bizarre

where's the evidence that most graduates earn less than 15,000 and will never pay the loan back