Student loan query

pioneer31

What happens to a student loan after 25 years?

Is it written off?

If I am paying mine off very slowly will it eventually vanish after the given period? ???

fragster

from the student loan company website:

How long will it take to repay the loan?

The length of time to repay the loan will depend on your income after you leave college and the total amount you have borrowed. You will normally continue to repay the loan until you have paid off the full amount. If you have kept up your repayments any loan you still owe will be cancelled when you reach the age of 65, if you become permanently disabled or if you die.

pioneer31

from the student loan company website:

Thanks for that. It seems that by the time I reach 65 I still will not have paid it off, given my current circumstances

MMMIARMW_II

Again i think this varies depending on if you've got the new or old style loan. Old style loans are a bit more favourable I think, and it's after 25 yrs it's written off. Though you'd have to check the website.

starlite_2

i'm not sure what you are getting at here..no it isnt written off after twenty years but if you have taken this money with no intention of paying it back that is not good.student loans are designed to help people who couldnt normally afford the current expensive higher education ,and the intention for anyone to get a degree is surely to progress in their field and earn a higher income then the rest of the public.not to mentionn doing a job that will benefit the country and offer something to the tax paying public. to expect other tax payers to fund three years of blowouts and hangovers is irresponsible, to look for a loophole in paying this back is very very much selfish. fair enough we can all look back to the glory days of free university tuition and grants but the simple fact is universitys can no longer meet these costs and without lowering teaching standards. i for one am grateful i have an opportunity to study at the goverments expense and reimburse them when i can afford to.there are many other countries where an elitist education system exisits and we should be fortunate for what we have.example:my boyfriend was born in macedonia and there teaching is £5000 per year up front despit this being a devestatingly poor country,therfore, only the rich can progress!
i am in a very difficult financial position at the moment due to paperwork errors, i have not yet recieved my student loan but i do not blame any one as i shouldnt be demanding anything, and once i am in a position to repay my loan i will do so gladly.i am sick of tired of meeting new people at college who are doing a degree just because they can, in a subject they care little about but still spout nonsese about 'free money' from the government whilst their parents drive around in B.M.Ws...grrr...grrr..grr..indeed!

MMMIARMW_II

For anyone that started a uni degree before sept 1998 from the slc website

"Any loan you have not paid back will be cancelled if you die. If you have kept up your repayments, any loan you still owe will usually be cancelled after 25 years or when you reach the age of 50, whichever is the earlier. If you last borrowed when you were 40 or over, it will usually be cancelled when you reach the age of 60. Your loan will be also be cancelled if you are permanently unfit for work as a result of disability."

The old style loans mean that you don't trigger the repayment threshold unless you earn over £22,764 pa.

Obviously some people do have very valuable jobs in society, that require a degree, but are on relatively low pay.  Or they may have no option than to work part-time, this means that their income falls under this figure.

pioneer31

i'm not sure what you are getting at here..no it isnt written off after twenty years but if you have taken this money with no intention of paying it back that is not good.student loans are designed to help people who couldnt normally afford the current expensive higher education ,and the intention for anyone to get a degree is surely to progress in their field and earn a higher income then the rest of the public.not to mentionn doing a job that will benefit the country and offer something to the tax paying public.  to expect other tax payers to fund three years of blowouts and hangovers is irresponsible, to look for a loophole in paying this back is very very much selfish. fair enough we can all look back to the glory days of free university tuition and grants but the simple fact is universitys can no longer meet these costs and without lowering teaching standards. i for one am grateful i have an opportunity to study at the goverments expense and reimburse them when i can afford to.there are many other countries where an elitist education system exisits and we should be fortunate for what we have.example:my boyfriend was born in macedonia and there teaching is £5000 per year up front despit this being a devestatingly poor country,therfore, only the rich can progress!
i am in a very difficult financial position at the moment due to paperwork errors, i have not yet recieved my student loan but i do not blame any one as i shouldnt be demanding anything, and once i am in a position to repay my loan i will do so gladly.i am sick of tired of meeting new people at college who are doing a degree just because they can, in a subject they care little about but still spout nonsese  about 'free money' from the government whilst their parents drive around in B.M.Ws...grrr...grrr..grr..indeed!

I find your comments somewhat ill-informed

You seem to be suggesting that students are making money from going to University?

Secondly you seem to have swallowed the govt spin, hook, line and sinker that students will automatically get better jobs on more pay.

The reality of the situation is that the majority don't. They go to Uni, accrue a debt of several thousand and then find themelves in a sub £15k job.

I am one of those people. Despite being amply qualified to do a fair number of jobs, I am earning the kind of money that I would expect to earn had I not bothered.

Indeed, many of the people above me in both salary and status never went to Uni.

Having seen this white elephant for what it really is, I feel no animosity towards people trying to find ways round their immense loans.

The people I do begrudge (and you should too) are those who siphon appreciable amounts of money from our welfare state to fund their large litters of children, council houses etc. Why? because many of them aren't doing a damned thing to find themselves employment or further their prospects.

fragster

i agree miserly, besides the fact that the government wastes a ton of money on cr*p, millenium dome for example, 760mil, that money could have gone towards something worthwhile like helping hundreds of thousands of students with debt, or schools/hospitals/transport/elderly etc. etc.

Robert_Sterling_3

It is an imperfect world we live in.

frepol

The people I do begrudge (and you should too) are those who siphon appreciable amounts of money from our welfare state to fund their large litters of children, council houses etc. Why? because many of them aren't doing a damned thing to find themselves employment or further their prospects.

I find your comments somewhat ill-informed

How appropriate that your last paragraph is fully described by your first.

casper2004

In both cases

Dossier students and council house wasters and the like.

Is it not the case of the few bad apples which do abuse the system tarring the ones that need it most.

In both cases some of those know the system inside out but do not apply this effort in to finding a positive place in society which benefits them and society.

I don't belief being a baby making factory is a benefit to the greater good, if you cant afford to feed one kid why have another.

Sorry about the small rant which has little to do with student loans.

I am soon away to start to pay back min and are unsure whether to pay more or just the minimum required.