student loan written off at 60?

melancholly

Sumayah wrote: »

Hi
I have loans from 1990, 91 and 93. I was turned 23 in 1990. I still defer them every year, will I be exempt from paying them at 50 or 60? I am 43 now.

http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/RepayingStudentLoansCoursesStartingBefore1998/DG_10034744

see loan cancellation section

vwelsh13

I'm almost 50 and considering a degree..so I would only have to pay the loan for a few years assuming I earned enough?

MrsManda

vwelsh13 wrote: »

I'm almost 50 and considering a degree..so I would only have to pay the loan for a few years assuming I earned enough?

No. The T&Cs changed in 2006 so now, in England and Wales your loan will be cancelled:
25 years after the time you were eligible to repay (i.e. the April after you complete your studies)
(in Scotland it's 35 years)

Or you become permanently disabled and unable to work.

http://www.studentloanrepayment.co.uk/pls/portal/docs/PAGE/RPIPG001/RPIPS001/RPIPS006/STUDENT%20LOANS%20A%20GUIDE%20TO%20TERMS%20AND%20CONDITIONS.PDF

MrsManda

Sumayah wrote: »

Hi
I have loans from 1990, 91 and 93. I was turned 23 in 1990. I still defer them every year, will I be exempt from paying them at 50 or 60? I am 43 now.

50 as you were younger than 40 when you took out the final loan.

your loan may be cancelled if:

• You were under the age of 40 when your last agreement for a student loan was made and you reach the age of 50.
• You were aged 40 when your last agreement for a student loan was made and you reach the age of 60.
• Your last agreement for a student loan has been outstanding for no less than 25 years.

http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3867002&_dad=portal&_schema=PORTAL#cancellation

mummygirrafe

I have a query on mine if anyone can help

I have 2 loans one was taken Sept 2005
Then I had another taken Sept 2008 for my PGCE

I am now a full time mother and don't plan to go back into work til DD is off to school, and then I will work part time. So 4/5 years away.

My current loan stands at 25500k, 7k is from PGCE 2008. I am gaining £1000 interest a year so when I finally start work it will be 30K, working part time for awhile whilst my children are young I won't reach the threshold for years and when I finally do it the repayment won't even cover the interest so my loan will only ever increase year by year, so even when I do earn more it will never EVER be gone. I hate that!

Also because 1 of the loans is post 2005 will that part get wiped after 25 years? And how on earth will they work out how much to wipe off if I have made repayments on all of it?
Really wish I'd delayed uni by a year now.
HELP, it will be horrible, I think it will be 50k by the time I earn enough to start denting it-but then again the interest amount will be so high by then maybe I won't. Will I never have a paycheque without it on there. SUCKS.

Mosh

I've got three loans - 1993, 1995, 1996. I'm 37 now and by my maths this means that, as long as my pay doesn't breach the threshold which seems to be rising faster than my pay increases, I'll not pay a penny back by the time we hit summer 2021. I'll be 50 a year and a bit later on just to be doubly sure!

I still have one other loan outstanding, though, from doing a PGDE in Scotland. That was just the one year (2009), but the minimum income you earn before paying it back is far lower. I guess I'd be best to save up and pay that one off in one go if I can.

stanna_cyprus

Sorry if this is long winded but would appreciate some help. I live in Cyprus and have an outstanding student loan from 1992 (taken out whenI was 31yrs). It was deferred I believe in 1998 and to be honest I forgot all about it. I have recently been contacted by Link Financial stating they have taken over the debt and I am liable to pay them all monies outstanding immediately plus interest accrued from when they took the debt over in 2010. I have no fixed address or income and have been corresponding for two months via email however they igmore all my comments, ie that I became 50 in July 2011 and therefor was under the impression that a. the loan is no longer liable (taken out before I was 40 and now I am more than 50) and b. the statute of limitations it is more than 6 years since any contact has been made. Can you confirm that 1. I am correct in my thinking and 2. How do I get them off my back? They have started harassing my elderly motherwho is in remission of cancer!
Thank you

MrsManda

stanna_cyprus wrote: »

ie that I became 50 in July 2011 and therefor was under the impression that a. the loan is no longer liable (taken out before I was 40 and now I am more than 50) and b. the statute of limitations it is more than 6 years since any contact has been made. Can you confirm that 1. I am correct in my thinking

Student loans are not written off if you are behind with repayments so the SLC have every right to chase you. I am not sure whether the Statute of Limitation applies, but someone else will hopefully be able to clarify that.

Loan cancellation

Under certain circumstances we may cancel your liability to repay your loan. We will not cancel your liability to repay if you are behind on any repayments for a student loan.

http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3867002&_dad=portal&_schema=PORTAL#cancellation

I'm guessing the only way to 'get them off your back' is to contact them and see if you can come to an agreement.

Oldernotwiser

You need to contact them and arrange a payment plan. As you haven't been deferring your loans you've lost the right to have them written off and have become liable for arrears and charges as well. You need to tackle the problem as it won't go away.

Granville23

Hi Mrs manda

You quoted the following regarding loan cancellation

your loan may be cancelled if:

• You were under the age of 40 when your last agreement for a student loan was made and you reach the age of 50.

On this page http://www.moneysavingexpert.com/students/student-loans-repay

it says that your loan will be cancelled if your education start date is between 1990-1997 and under 40

So is it Education start date or date of last agreement. If it is agreement that is a bit unfair