Erudio Loan end of term

jenc16

Hi 
Does anyone have experience of their loan term coming to an end with Erudio. My 25years is due to elapse in Oct 2022. I have just deferred for what I hope is the final time and my deferment is valid until May 2023. Do you need to do anything at the end of the 25yrs? Proof of income again or anything or is it just automatic?
Thanks

Rosesgirl

When my loan elapsed after the 25 years and final deferment period they sent me a letter confirming so, hope this helps 

jenc16

Thank you. So you didn't need to provide any additional proof or anything at that time? I'm now deferred until May. Loan ends in Oct and looking for new jobs, but don't want to risk going over the maximum earnings for sake of 6mths and triggering repayment if that makes sense.

kaMelo

jenc16 said:

Thank you. So you didn't need to provide any additional proof or anything at that time? I'm now deferred until May. Loan ends in Oct and looking for new jobs, but don't want to risk going over the maximum earnings for sake of 6mths and triggering repayment if that makes sense.

No it doesn't make sense at all, why would you not want to earn more? Even if you were repaying the write off would still happen at the same time.
In your scenario your loan will be written off in October 2022, your current deferral is valid and runs until May 2023. As your deferral runs beyond the write off date that's it, it will be written off and cannot be reinstated.

By deliberately keeping your earnings under the threshold you are simply making yourself poorer. 

jenc16

Thanks - I've always worked in term time only jobs and always been way under the threshold, but now kids are leaving school it is time to look at all year round roles. So yes, keen to earn more, but for past 19 years being term time only was more beneficial to me than the higher earnings. The difference moving to all year round can be quite substantial and could put me over threshold. Like I say didn't want to risk being successful in getting a new job at the end of this academic year - like July time and have to start paying back because of the timing / admin involved. When if I had waited 3mths more it would be gone for good.

jenc16

And I thought if I go over threshold I would have to pay the whole lot back, not that it would be written off regardless in Oct.