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student loan expire 10years?
Hi Ladies and Gents,
I took my student loan out been 2004-2008 and only started earning enough to pay towards it lately, when taking it out I was under the impression this loan would expire after 10 years if you cannot pay for it. when enquiring I was told this loan would expire when i am 65 not 10 years after graduating?
I was informed a few years ago my loan was sold to Income Contingent Student Loan 2, i am thinking as this new company now changed the terms of my loan to match other loans or am i well off the mark and got my wires tangled?
Would like to hear from other student preferably. Thanks in advance.
Comments
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Loans have never expired 10 years after graduation. What gave you this idea?
They would never be repaid by anyone if that happened1 -
im quiete sure i read that while applying i should of documented it i just need to dig it up.
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You wont find it because its never been the case. You pay if over the earnings limit until you are in your 60sbashman40 said:im quiete sure i read that while applying i should of documented it i just need to dig it up.1 -
THANKS FOR YOUR REPSONSE _shel. LIKE TO HEAR FROM ANYONE ELSE WHO COULD OF EXPERIENCED THE SAME?0
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https://blog.moneysavingexpert.com/2017/05/will-student-loan-written-off/
https://www.gov.uk/repaying-your-student-loan/when-your-student-loan-gets-written-off-or-cancelled
I think you've got a plan 1 loan, so it's definitely not a 10 year write off (sorry).1 -
I think I was told it's a 25 year limit until it's written off. 10 years would be amazing but I've never heard it mentioned. Sorry to be the bearer of bad news!bashman40 said:THANKS FOR YOUR REPSONSE _shel. LIKE TO HEAR FROM ANYONE ELSE WHO COULD OF EXPERIENCED THE SAME?1 -
25 years after the April you were first due to repay it states ont he website so if i fail to complete paying the loan off completely even if i have been making payments it will be wiped. so i graduated in spetember 2008 so in 2033 is when i would be writen off ?
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I make it April 2034.bashman40 said:25 years after the April you were first due to repay it states ont he website so if i fail to complete paying the loan off completely even if i have been making payments it will be wiped. so i graduated in spetember 2008 so in 2033 is when i would be writen off ?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1 -
thanks ladies and gent this concluses my post. admin thead can be closed.
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