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Is spouse responsible for my student loan repayments
Cannuck64
Posts: 4 Newbie
Hi,
I took out a student loan in 1998 (plan 1) and had repayments taken out whilst I was in PAYE.
After a couple of years I went self employed and never met the threshold for repayments and never heard anything from SLC.
In 2015 I moved to Canada and then got married in 2017. Whilst I am technically self employed here in Canada I only work part time and have never been over the threshold required to make repayments. My wife is the main income provider. I've just had communication from SLC (after over 20 years) asking me to update my employment status.
My question is: Would my wife's income (either on its own or added to mine) be treated as my income for the purpose of SL repayments if it were to exceed the threshold?
Thanks!
I took out a student loan in 1998 (plan 1) and had repayments taken out whilst I was in PAYE.
After a couple of years I went self employed and never met the threshold for repayments and never heard anything from SLC.
In 2015 I moved to Canada and then got married in 2017. Whilst I am technically self employed here in Canada I only work part time and have never been over the threshold required to make repayments. My wife is the main income provider. I've just had communication from SLC (after over 20 years) asking me to update my employment status.
My question is: Would my wife's income (either on its own or added to mine) be treated as my income for the purpose of SL repayments if it were to exceed the threshold?
Thanks!
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Comments
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No, its based on your income only.
Are you aware when your loan will be written off (since it is Plan 1/25 years)?0 -
Thank you!0
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According to the info I have it will be when i'm 65 (currently 61) although when I took it out I thought it was 55. My first year repaying was in 20010
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Plan 1 student loans expire either when you turn 65 or 25 years after the April you first became due to repay, whichever comes first, if you took out your first loan on or after September 1, 2006. If you took out your first loan before that date, the loan will be written off when you turn 65.Cannuck64 said:According to the info I have it will be when i'm 65 (currently 61) although when I took it out I thought it was 55. My first year repaying was in 2001
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.0 -
@Cannuck64, Moving this to the student board.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.0
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Thank you!0
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It's 25 years post-2006. Age 65 is only pre-2006.silvercar said:
Plan 1 student loans expire either when you turn 65 or 25 years after the April you first became due to repay, whichever comes first, if you took out your first loan on or after September 1, 2006. If you took out your first loan before that date, the loan will be written off when you turn 65.Cannuck64 said:According to the info I have it will be when i'm 65 (currently 61) although when I took it out I thought it was 55. My first year repaying was in 2001
Plan 4 loans have a hybrid of earlier of 30 years or age 65 though.0
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