Avoid ever having to pay back your student loan

Oldernotwiser

Student loans taken out before 1998 are cancelled when you reach 50 (or 60 if you were over 40 when you took them out). Post 1998 loans are written off after 25 years so there is not a great deal of difference between the time scale of the two systems.

[Deleted User]

Gosh, i wonder if my 180k mortgage will expire when i hit <insert number here>

Your student loan will expire when:
a) You die
b) You hit 65 years old and retire. Probably with a state pension and nothing else, because if you've not paid it off by then you've probably never paid into a company pension either.
c) You pay the money back THAT YOU BORROWED from the state.

No one made you go to uni, you didn't have to borrow that money. Seriously guys, pay your damn debts and stop acting like children

Oldernotwiser

ringo_24601 wrote:

Gosh, i wonder if my 180k mortgage will expire when i hit <insert number here>

Your student loan will expire when:
a) You die
b) You hit 65 years old and retire. Probably with a state pension and nothing else, because if you've not paid it off by then you've probably never paid into a company pension either.
c) You pay the money back THAT YOU BORROWED from the state.

No one made you go to uni, you didn't have to borrow that money. Seriously guys, pay your damn debts and stop acting like children

You may have meant this as a joke but it includes several items of misinformation which you should withdraw.

If you spend your working life in a low paid job (which may require a degree to do) then you won't have benefited financially from the student loan. That's why there are minimum earnings thresholds otherwise nobody with a degree would be able to enter these fields.

kr15snw

Yeah we were told at the beginning of our course that we had 25 years to pay it off and then they cancelled the debt.

So If im earning 14k a year for the next 25 years, Ill never have to pay it back. Seems a bit weird but quite a good way around it (although Im hoping to earn more than that)

ManAtHome

Would be a great gimmick - "will work for max £14k for next 25 years", bet you'd get loads of offers...

By the way - is the £14k pa fixed or index-linked? (serious question)

CopperPlate_2

Oh dear. Work for £14k for the next 25 years. So no ambition, desire for betterment, etc. In fact, all the qualities that *should* have inspired you to go to university and get a degree in the first place, all wasted just to avoid paying back a loan that was taken out in good faith and probably to help you get the degree after all. Why bother, when you should just pay it back

But then having been to university just as they were phasing grants out, I can say that with an element of 'it's not my problem' I suppose.

impy78

Well, the way I see it is - I am quite unlikely to make more than £2043 a month in my line of work, but if I did, then I would be more than happy to pay it back.
I couldn't have gone to uni without one, and I was grateful for the help.

[Deleted User]

If you spend your working life in a low paid job (which may require a degree to do) then you won't have benefited financially from the student loan. That's why there are minimum earnings thresholds otherwise nobody with a degree would be able to enter these fields.

So, on top of not paying back your student loan, you're also getting family tax credits and all the goodies that our quasi-socialist society will throw to people.

So, what was a I wrong about? That people on low salaries don't pay into private pension funds? That graduates that don't earn over the payback threshold won't ever pay back their loans?

andyrules

Student loans taken out before 1998 are cancelled when you reach 50 (or 60 if you were over 40 when you took them out).
Oldernotwiser I thought this too, I have 2 loans pre 1998 and 1 in 1998, one of which was taken out before I was 40. I was told by slc that the first would be written off when I reached 50, but when I rang having turned 50 they told me you now have to wait till 60.

Oldernotwiser

andyrules wrote:

Student loans taken out before 1998 are cancelled when you reach 50 (or 60 if you were over 40 when you took them out).
Oldernotwiser I thought this too, I have 2 loans pre 1998 and 1 in 1998, one of which was taken out before I was 40. I was told by slc that the first would be written off when I reached 50, but when I rang having turned 50 they told me you now have to wait till 60.

That's certainly the information I have and the NUS agree.

http://resource.nusonline.co.uk/media/resource/Information%20Sheet%2015.pdf

I don't think that they have much idea most of the time and don't talk to me about those b****** at Honours Student Loans! I think that you'll have to keep insisting and get them to quote chapter and verse to you.