When The Student Loan is Wiped

kieron86

When is the Student Loan Wiped. Have a few questions around this. 

So does the Student Loan get viewed as a whole course over two or three years or is it per payment year. 

For example 

I did a course for 2 years 2004 - 2006. So thresholds are split. 

So will year 2004/2005 be wiped at 65 years old. 

Then year 2005/2006 be wiped after 25 years of graduating? 

I then did another Degree 2006 - 2009. It is stated that the loan is wiped “25 years from the April after you leave university (when you were first due to repay)”

So is that the three years worth of loan is wiped as a whole in 2034 or is it staggered for each year? 

For example 

2006/2007 = Wiped 2032 

2007/2008 =  Wiped 2033

2008/2009 =  Wiped 2034

Finally if the loan is wiped 2006 - 2009 and there is a loan amount left 2004/2005 what has been paid off so far is that taken off the oldest part of the loan? 

spreadsheeterapple

When you stop paying depends on which Student Loan version it was. Plan 1, Plan 2, etc.

The Plan No. is normally kept the same throughout the whole qualification which you originally signed up for, i.e. the course is the whole qualification, not a different loan type each year you go back to studies after summer.
- but you can check which Plan No. you have by logging into your Student Loan Repayment account.

The earlier loans had the age 65 clause, as you've mentioned.

Other later loans would be due to be written off x number of years after the April you were first due to repay; you only started being liable to repay in the April after finishing the qualification (unless you quit early).

So, no, there is no staggering, because each loan was for the qualification, and each year's new borrowings were added to the loan instead of becoming a new loan each year; it was the same loan. This becomes more obvious when you look at your student loan statements online, as the balance was increased as each academic term's money was released to you for maintenance or was paid to the uni/college for tuition fee.