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Student Loan Payment Terms
Due to the recent threshold change it has transpired that I will now have to start paying my pre-1998 mortgage style student loan back.
My 25 year loan write off is very imminent (Oct 2022) and I wondered if anyone could advise what will happen when I start paying this loan back - i.e. if it will negate the write off of the outstanding loan after 25 years or if the outstanding loan will still be written off at this 25 year anniversary regardless of if I have paid some of the loan back? I'm unsure if when you start to pay it back you are then liable to pay in full or if it was a fixed term loan with a finite life that will expire after 25 years?
Having never earned anywhere near enough to meet the threshold previously I honestly don't know how paying some of the loan back affects terms so would be really grateful if someone could clarify for me?
Many thanks in advance.
My 25 year loan write off is very imminent (Oct 2022) and I wondered if anyone could advise what will happen when I start paying this loan back - i.e. if it will negate the write off of the outstanding loan after 25 years or if the outstanding loan will still be written off at this 25 year anniversary regardless of if I have paid some of the loan back? I'm unsure if when you start to pay it back you are then liable to pay in full or if it was a fixed term loan with a finite life that will expire after 25 years?
Having never earned anywhere near enough to meet the threshold previously I honestly don't know how paying some of the loan back affects terms so would be really grateful if someone could clarify for me?
Many thanks in advance.
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Answered on your existing student loan thread.3
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