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Second loan - does write-off date get reset?

I graduated in 2009 and have a student loan from that time. I'm now thinking about going back to university and getting a postgraduate loan. If I take this PG loan, will the date that my original UG loan gets written off be changed in accordance with my new loan, or will it remain and the PG loan will have a different write off date?

Comments

  • silvercar
    silvercar Posts: 48,689 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    edited 8 July 2023 am31 7:38AM
    The loan from before 2012 is a plan 1 loan. It will continue as such and keep it's write off date. The new PG loan will be completely separate. 

    When the masters loan goes into repayment, you’ll repay 6% of your income over the Postgraduate Loan threshold (£21,000 a year) and 9% of your income over £22,015 (the plan 1 threshold). 

    For your plan 1 loan: If you took out the first loan for your course on or after 1 September 2006, the loan will be written off 25 years after the April you were first due to repay.
    If you took out the first loan for your course before 1 September 2006, the loan will be written off when you’re 65.

    Your Postgraduate Loan will be written off 30 years after the April you were first due to repay.
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  • nohassles
    nohassles Posts: 54 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    Great, thank you!
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