When will your student loan be written off? 2 May 2017 at 12:07PM edited 30 November -1 at 1:00AM in Martin's Blogs & Appearances & MoneySavingExpert in the News 39 replies 30.4K views

MSE_Eesha

This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.

Read Martin's "When will your student loan be written off?" Blog.

Please click 'post reply' to discuss below.

ccon

I am 47 and nearly completed an engineering foundation course at Liverpool John moores university and will be starting the degree properly this September.
Does any body know if you stop paying the student loan when you reach retirement age as, assuming I do a sandwich year I'll be 52 when I graduate and if the thirty year rule applies will be paying it when I'm 82!
Anyone got any idea?
Thanks Chris.

Ed-1

ccon wrote: »

I am 47 and nearly completed an engineering foundation course at Liverpool John moores university and will be starting the degree properly this September.
Does any body know if you stop paying the student loan when you reach retirement age as, assuming I do a sandwich year I'll be 52 when I graduate and if the thirty year rule applies will be paying it when I'm 82!
Anyone got any idea?
Thanks Chris.

It's still liable for repayment for 30 years but you only repay if you earn over the repayment threshold (pension income doesn't count) so in practice you won't be repaying.

sarahjandrews1980

Hello,

What if you went to uni, completed a foundation year and year 1 of the actual degree course, but due to unforseen circumstances did not complete the degree and therefore didn't graduate, will these dates still stand?

Thanks

Ed-1

sarahjandrews1980 wrote: »

Hello,

What if you went to uni, completed a foundation year and year 1 of the actual degree course, but due to unforseen circumstances did not complete the degree and therefore didn't graduate, will these dates still stand?

Thanks

Yes for graduation date read "date left course".

jackyaz

I noticed it refers to graduation:

2006 – 2011 25 years from the first April of graduation (when you were first due to repay) Yes Yes

What happens if I didn't graduate, i.e. left after 1 year?

EDIT: Never mind, seen the answer I needed literally above!

jimjamz82

I went to uni in 2001 and graduated in 2005. My student loan falls into the category, "England or Wales - Before 1st September 2012". My loan will not be written off until I'm 65. Why is it that students who took out a student loan after 2005/06, their loan will be written off after 25 years? That seems unfair.

Granted, my student loan is very small in comparison to the student loan sums today, as my tuition fees for each year were almost 10% of today's rates.
I understand that students today have a less likely chance of paying off their enormous student loans than I do. So, if that's the case, then why wipe it out after 25 years? This advocates potential University students to take on as much student loan debt they possibly can, knowing full well that it will be written off when they reach 46, while I could possibly still be paying off mine for another 19 years after that.

silvercar

jimjamz82 wrote: »

I went to uni in 2001 and graduated in 2005. My student loan falls into the category, "England or Wales - Before 1st September 2012". My loan will not be written off until I'm 65. Why is it that students who took out a student loan after 2005/06, their loan will be written off after 25 years? That seems unfair.

Granted, my student loan is very small in comparison to the student loan sums today, as my tuition fees for each year were almost 10% of today's rates.
I understand that students today have a less likely chance of paying off their enormous student loans than I do. So, if that's the case, then why wipe it out after 25 years? This advocates potential University students to take on as much student loan debt they possibly can, knowing full well that it will be written off when they reach 46, while I could possibly still be paying off mine for another 19 years after that.

Which would you prefer, the loan you have or a loan the size that more recent graduates have?

jimjamz82

silvercar wrote: »

Which would you prefer, the loan you have or a loan the size that more recent graduates have?

Your response doesn't answer my question. Also, why ask me a question based on a situation I actually have no influence over?

Gloomendoom

jimjamz82 wrote: »

Your response doesn't answer my question. Also, why ask me a question based on a situation I actually have no influence over?

Surely the only answer to your question is that the rules changed. That is why.

jimjamz82

Gloomendoom wrote: »

Surely the only answer to your question is that the rules changed. That is why.

Posting for posting's sake. Please consider whether your response will be helpful be submitting it, as it clearly wasn't.