When will your student loan be written off?

mikkidcoll666 · 30 August 2019 at 3:44PM

I had a loan in 96, 97 & 98 and graduated in 1999 born 76.
Does this mean I get my debt written of after 25 years after graduation 2024
or on my 60th birthday
thanks in advance

A_A_Mole · 1 September 2019 at 11:00AM

I fall into this category:

1998 – 2005 (1998 – 2006 in Scotland) When you reach age 65

So there's no 25 year expiry date for me then? :sadface:

I'll never pay it off, so it's just a grind of paying X per year for life.

shortie_biscuit · 16 September 2019 at 11:59AM

I took out my first SL 1997 for my BA (Hons) that I graduated from in 2000.
I had an SL for an MA that I graduated from in 2001.
In 2004 I took a SL for a PGCE which I completed in 2005.

I was diagnosed with Crohn's Disease during the first year of my degree. Since graduation I've had various jobs where I earned under the repayment threshold and unfortunately I also had to leave numerous jobs due to my health. I have only made one or two repayments in my life because the rest of the time I've had to defer due to earning too little of being to ill to work.

I'm now 41 and self employed, I haven't and wont ever work enough hours to earn over the repayment threshold. So what I want to know is when will my SL's be written off? I've considered going applying to have them written off due to my health but the requirements are that you claim state benefits/get PIP which I don't.

Any thoughts?? Thanks

Ed-1 · 16 September 2019 at 2:46PM

shortie_biscuit wrote: »

I took out my first SL 1997 for my BA (Hons) that I graduated from in 2000.
I had an SL for an MA that I graduated from in 2001.
In 2004 I took a SL for a PGCE which I completed in 2005.

I was diagnosed with Crohn's Disease during the first year of my degree. Since graduation I've had various jobs where I earned under the repayment threshold and unfortunately I also had to leave numerous jobs due to my health. I have only made one or two repayments in my life because the rest of the time I've had to defer due to earning too little of being to ill to work.

I'm now 41 and self employed, I haven't and wont ever work enough hours to earn over the repayment threshold. So what I want to know is when will my SL's be written off? I've considered going applying to have them written off due to my health but the requirements are that you claim state benefits/get PIP which I don't.

Any thoughts?? Thanks

Any loans taken for courses starting before September 1998 were mortgage-style and are written off the earlier of 25 years after first installment of the the final year was paid, or at age 50. The deferment threshold for mortgage-style (pre-1998) loans is currently £32,347.

Any loans taken out for courses starting after September 1998 are income-contingent and are written off at age 65 if taken before 2006, 25 years after the April after leaving the course if taken after 2006, or after 30 years following the April after leaving the course if taken after 2012. Loans taken for courses starting pre-2012 have a repayment threshold of £18,935. Loans taken for courses starting post-2012 have a repayment threshold of £25,725.

Promettwo · 1 November 2019 at 9:33AM

My grandson is going to work in Korea. How, when or how does he repay his student loan if he stays there for thirty years. He would not be working for a British or European company.
Also how does he secure his pension rights for when he decides to return to the UK.

Any advise would be much appeciated

Promettwo · 7 November 2019 at 2:25PM

I would be grateful if someone could give me a little advise on this. Thanks

silvercar · 8 November 2019 at 3:07PM

Promettwo wrote: »

I would be grateful if someone could give me a little advise on this. Thanks

If you had posted on the student board here your post may have been spotted sooner.

In answer to your question, when you are overseas you still make payments though the threshold is adjusted for the standard of living in your overseas country. You need to make an arrangement with student finance to pay as they can't obviously take from your overseas pay cheque.

Here are the thresholds for plan 2 loans (after 2012).

Korea repayment thresholds/ are:

Korea, Democratic People’s Republic of Korea 10,290.00 18,522.00 80.40
Korea, Republic of Korea 20,580.00 37,044.00 160.80

Lower earning/ higher earning/ fixed monthly repayment in both cases. The currencies are different, so you need to look for the correct one.

Promettwo · 10 November 2019 at 9:55AM

If you had posted on the student board here your post may have been spotted sooner.

In answer to your question, when you are overseas you still make payments though the threshold is adjusted for the standard of living in your overseas country. You need to make an arrangement with student finance to pay as they can't obviously take from your overseas pay cheque.

Here are the thresholds for plan 2 loans (after 2012).

Korea repayment thresholds/ are:

Korea, Democratic People’s Republic of Korea 10,290.00 18,522.00 80.40
Korea, Republic of Korea 20,580.00 37,044.00 160.80

Lower earning/ higher earning/ fixed monthly repayment in both cases. The currencies are different, so you need to look for the correct one.

Thank you

JJstudentloanhelpneeded · 16 June 2020 at 11:42PM

I took out two two student loans: 1 in 2002 and 1 in 2005. I understand I am on payment plan 1 and my loan will be written off when I’m 65 years of age. Unfortunately, I haven’t paid any off as I have not earned enough. However, I have 2 questions (I apologise in advance if they seem stupid questions):
1. What happens if I get married and have a mortgage does that some how effect my loan? What I mean is; if I am a joint home owner and say I sold my house would SLC expect the money I owe in full?
2. If I was to receive some inheritance in the future (After my parents day), would SLC expect the money I owe in full?

Thanks in advance. Any advice would be greatly appreciated.

Byrnzie500 · 16 July 2021 at 1:43PM

I have a question: I turned 50 last year and my degree course was taken between the years 1995-1999, with my last loan application having been made in September 1998, and so as far as I can tell the loan has now been wiped.
However, what about the interest? Do I still need to pay that? I've deferred my loan every year since 1999 and so paid nothing on it, but I'm now receiving letters from some dodgy debt collectors telling me I owe them approx 6K, which appears to be related to the interest on my loan.
Shall I ignore them, or do you still need to pay back the interest on student loans after the loan itself has expired?

When will your student loan be written off?

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