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When will your student loan be written off?
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This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.
Please click 'post reply' to discuss below.
Read Martin's "When will your student loan be written off?" Blog.
Please click 'post reply' to discuss below.
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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.
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".
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!
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?
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Surely the only answer to your question is that the rules changed. That is why.