Student loans?

Toon1690

..I took out a student loan 10 years ago & have deferred every year since as I don't earn the required £2,100 a month for them to enforce it. Now I can't see me earning that anytime soon so will the SLC eventually write off my debt or will I need to pay it back? The debt is for just under £1000?

Gytha_Ogg

Toon1690 wrote: »

..I took out a student loan 10 years ago & have deferred every year since as I don't earn the required £2,100 a month for them to enforce it. Now I can't see me earning that anytime soon so will the SLC eventually write off my debt or will I need to pay it back? The debt is for just under £1000?

I believe its 25 years, if you haven't paid it off by then the SLC will cancel it.

That's under the current rules anyway, but I'm 99% sure it's 25 years for everyone.

dmg24

I thought you paid if you earned more than £15000 pa? £2100 a month would be £25200 pa?

Lavendyr

If it was taken out 10 years ago, it would be under the old system, which means that the current rules (i.e. 9% of earnings above 15k, cancelled after 25 years) do not necessarily apply. I'd ring them and check, Toon, as they're the best people to tell you what will happen with your loan.

You could also have a look here:

http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/RepayingStudentLoansCoursesStartingBefore1998/index.htm

for more info on your loan

Incidentally, Gytha Ogg, it's not 25 years for everyone at all - that only applies since the top-up fees were introduced. Loans taken under the "new" scheme but before that are only cancelled once you reach 60.

Gytha_Ogg

Oh, I see! sorry for the misinformation, Toon1960.

I took my loan out over 2001-04 (before top up fees) and I thought the 25 years applied to me too, but looks like I was mistaken.... dang.

Lavendyr

I know, it's a pain - I'm in the same boat unfortunately and owe over £16k to the SLC