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When will your student loan be written off?

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  • I had a loan in 96, 97 & 98 and graduated in 1999 born 76.
    Does this mean I get my debt written of after 25 years after graduation 2024
    or on my 60th birthday
    thanks in advance
  • I fall into this category:

    1998 – 2005 (1998 – 2006 in Scotland) When you reach age 65

    So there's no 25 year expiry date for me then? :sadface:

    I'll never pay it off, so it's just a grind of paying X per year for life.
  • I took out my first SL 1997 for my BA (Hons) that I graduated from in 2000.
    I had an SL for an MA that I graduated from in 2001.
    In 2004 I took a SL for a PGCE which I completed in 2005.

    I was diagnosed with Crohn's Disease during the first year of my degree. Since graduation I've had various jobs where I earned under the repayment threshold and unfortunately I also had to leave numerous jobs due to my health. I have only made one or two repayments in my life because the rest of the time I've had to defer due to earning too little of being to ill to work.

    I'm now 41 and self employed, I haven't and wont ever work enough hours to earn over the repayment threshold. So what I want to know is when will my SL's be written off? I've considered going applying to have them written off due to my health but the requirements are that you claim state benefits/get PIP which I don't.

    Any thoughts?? Thanks
  • Ed-1Ed-1 Forumite
    3.1K posts
    Seventh Anniversary 1,000 Posts Name Dropper
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    I took out my first SL 1997 for my BA (Hons) that I graduated from in 2000.
    I had an SL for an MA that I graduated from in 2001.
    In 2004 I took a SL for a PGCE which I completed in 2005.

    I was diagnosed with Crohn's Disease during the first year of my degree. Since graduation I've had various jobs where I earned under the repayment threshold and unfortunately I also had to leave numerous jobs due to my health. I have only made one or two repayments in my life because the rest of the time I've had to defer due to earning too little of being to ill to work.

    I'm now 41 and self employed, I haven't and wont ever work enough hours to earn over the repayment threshold. So what I want to know is when will my SL's be written off? I've considered going applying to have them written off due to my health but the requirements are that you claim state benefits/get PIP which I don't.

    Any thoughts?? Thanks

    Any loans taken for courses starting before September 1998 were mortgage-style and are written off the earlier of 25 years after first installment of the the final year was paid, or at age 50. The deferment threshold for mortgage-style (pre-1998) loans is currently £32,347.

    Any loans taken out for courses starting after September 1998 are income-contingent and are written off at age 65 if taken before 2006, 25 years after the April after leaving the course if taken after 2006, or after 30 years following the April after leaving the course if taken after 2012. Loans taken for courses starting pre-2012 have a repayment threshold of £18,935. Loans taken for courses starting post-2012 have a repayment threshold of £25,725.
  • My grandson is going to work in Korea. How, when or how does he repay his student loan if he stays there for thirty years. He would not be working for a British or European company.
    Also how does he secure his pension rights for when he decides to return to the UK.

    Any advise would be much appeciated
  • I would be grateful if someone could give me a little advise on this. Thanks
  • silvercarsilvercar Forumite, Board Guide
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    Promettwo wrote: »
    I would be grateful if someone could give me a little advise on this. Thanks

    If you had posted on the student board here your post may have been spotted sooner.

    In answer to your question, when you are overseas you still make payments though the threshold is adjusted for the standard of living in your overseas country. You need to make an arrangement with student finance to pay as they can't obviously take from your overseas pay cheque.

    Here are the thresholds for plan 2 loans (after 2012).

    Korea repayment thresholds/ are:

    Korea, Democratic People’s Republic of Korea 10,290.00 18,522.00 80.40
    Korea, Republic of Korea 20,580.00 37,044.00 160.80

    Lower earning/ higher earning/ fixed monthly repayment in both cases. The currencies are different, so you need to look for the correct one.
    I'm a Board Guide on the Debate House Prices & the Economy, House Buying, Renting & Selling, Mortgages and Endowments, In My Home incl DIY, Overseas Holidays & Student boards.
    I volunteer to help get your forum questions answered and keep the forum running smoothly.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of moneysavingexpert.com.
  • edited 10 November 2019 at 9:57AM
    PromettwoPromettwo Forumite
    28 posts
    edited 10 November 2019 at 9:57AM
    If you had posted on the student board here your post may have been spotted sooner.

    In answer to your question, when you are overseas you still make payments though the threshold is adjusted for the standard of living in your overseas country. You need to make an arrangement with student finance to pay as they can't obviously take from your overseas pay cheque.

    Here are the thresholds for plan 2 loans (after 2012).

    Korea repayment thresholds/ are:

    Korea, Democratic People’s Republic of Korea 10,290.00 18,522.00 80.40
    Korea, Republic of Korea 20,580.00 37,044.00 160.80

    Lower earning/ higher earning/ fixed monthly repayment in both cases. The currencies are different, so you need to look for the correct one.

    Thank you
  • JJstudentloanhelpneededJJstudentloanhelpneeded Forumite
    1 posts
    First Post
    MoneySaving Newbie
    I took out two two student loans: 1 in 2002 and 1 in 2005. I understand I am on payment plan 1 and my loan will be written off when I’m 65 years of age. Unfortunately, I haven’t paid any off as I have not earned enough. However, I have 2 questions (I apologise in advance if they seem stupid questions):
    1. What happens if I get married and have a mortgage does that some how effect my loan? What I mean is; if I am a joint home owner and say I sold my house would SLC expect the money I owe in full?
    2. If I was to receive some inheritance in the future (After my parents day), would SLC expect the money I owe in full? 

    Thanks in advance. Any advice would be greatly appreciated. 
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