Pre 1998 loan. Cancel after 25 years?

jeffy22

Hi

I have 3 student loans from my university course. 
Taken out 1997, 1998 and then 2000
(I didn't get one for my 3rd year)

I think they must be soon coming up to  the point when the get cancelled.  
I'm a part time nurse so never been paid enough to have made any payments on them at all. 
 My boss has recently offered me some extra shifts but this will take me over the defering threshold. 

I don't mind paying the monthly payments but if i start to pay then do i have to pay off the whole loan even if i get to the cancellation date. 

Basically if i start to pay, does that mean i have to pay off the whole thing?
Or will the loan still get canceled when i get to the date. 

I think they cancel them after 25 years?
Is that right? Has anyone done this?

The loan is now the the erudite company.  Tried to call them but  can't find a number

kaMelo

As long as you have legitimately deferred and have no arrears then the loans will be written off when either 25 years have passed since you should have started paying back or you turn 50 years old.
Paying your loan back does not extend this date.
Having any arrears due to non/payment or failure to defer changes things dramatically, possibly preventing the loan from ever being written off.  What can happen when in arrears depends upon the circumstances but as long as you have none then there is nothing to worry about regarding the write off date, it's fixed whether in payment or not..

Also, the gap in your loan years looks worrying. Where you still on exactly the same course you started in 1997 through to 2000 but just didn't take a loan in 99?
The reason I ask is than anyone starting a course from September 1998 onwards has a write off date much later, when you're 65 years old, which is a much worse scenario.
It your course started in 1997 and you remained on the same course throughout then they are all treated as pre-1998 loans and have the much better (for you) write off date.

If you do get some extra shifts and start having to pay back the loan make sure you do it correctly, don't give Erudio any excuses to try and claim you owe them money, they don't seem to need much encouragement to do so.

jeffy22

Hi

Thank you for your help!

It was the same course,  but the 3rd year was a placement year in industry so got a very small payment.

How could i pay back incorrectly? What could make them try and claim more back?
I was just going to wait until the next deferment letter came through and start paying instead.. is this not right?

My next deferment  letter is due in 2 months.  And I'll send off my last 3 pay slips which show I'm paid under the threshold limit.  But a few months after that I'm hoping to start earning more. But  won't be telling them till the next deferment letter... is this correct?

kaMelo

That's good to know it's the same course throughout, as I said the differences are dramatic.

Regarding payback, the onus is on you at all times to keep them up to date, sending your latest deferment letter with payslips is exactly the right thing to do and keeps things up to date.
Any pay rises that take you above the threshold should really be reported at that time. Waiting until your next deferment letter to notify them would mean you owe them something for the previous year, or if they wanted to play hardball, in arrears. 

I highly doubt that's what would happen if you did what you suggested you were going to do, but this is Erudio we're talking about here.  Personally I wouldn't want to give them any opportunity to do so. especially as you're so close to the write off date.