2006-10-27 02:57:06 · 23 answers · asked by Sam B 1 in Education & Reference ➔ Financial Aid
If you don't earn enough in the ten years following graduating to afford to be able to pay it back, then yes, they do write it off.
However, if, ten years after graduating, you;re still not earning over £15000 a year, I would be seriously worried!
2006-10-27 02:59:58 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Conditions for Canceling or Deferring Student Loans
The circumstances in which you may be able to cancel or defer a student loan are listed below. Read carefully: Some circumstances qualify you for cancellation only, some for both cancellation and deferment, and still others for deferment only.
Death of the borrower. If a former student borrower dies, the executor -- the person who collects and distributes the property left at death -- can cancel any federal student loan.
Permanent total disability. You can cancel any federal student loan if you are unable to work because of an injury or illness that is expected to continue indefinitely or result in your death. In most cases, you cannot have had the injury or illness when you borrowed the money, unless your condition has substantially deteriorated. To prove total and permanent disability, you'll need a statement from your treating physician on a form provided by the holder of your loan.
Temporary total disability. If you, your spouse, or one of your dependents is temporarily totally disabled, you can defer the payments on most loans obtained before July 1, 1993, for up to three years. The sickness or injury must make you unable to attend school or hold a job for at least 60 days. If your spouse or dependent is sick or injured, you must be unable to hold a job because he or she needs your caretaking for at least three months
2006-10-27 10:01:31 · answer #2 · answered by credo quia est absurdum 7 · 0⤊ 0⤋
No. I'm assuming (I know, I shouldn't assume) you're with that lot based in Glasgow? Most will take no money if you're unemployed or earning under a certain threshold, but yo will still accrue - usually fixed rate - interest. With my loan, I'd need to get to 50 (20 years away) before it gets cancelled. If you're struggling to pay, just arrange £10 p/m with them until you can.
2006-10-27 10:01:17 · answer #3 · answered by nert 4 · 2⤊ 0⤋
Of course not if that were the case, there would be a lot loans cancelled and the government would be in crisis. and Tax would fall heavil on the public.
2006-10-27 10:09:53 · answer #4 · answered by m b 2 · 1⤊ 0⤋
no, you don't have to start paying it back until you earn more than £15,000, but they won't write off the debt after 10 years. If you haven't paid it all back by the time you retire then they write off the remainder, otherwise you have to pay back every single penny (and interest of course)
2006-10-27 10:01:28 · answer #5 · answered by Mark W 2 · 1⤊ 0⤋
I have been told that if you are earining under £15,000 a year you do not pay it back, but you would if you were over. Your loan is written off when you are 60yrs old.
Please check with your services at your university as they will be able to help you more.
Good luck.
2006-10-27 14:03:00 · answer #6 · answered by kh120159 3 · 0⤊ 0⤋
Wouldn't that horribly ruin your credit? If you owe the government money, they will find a way to get it back!!
I wish that it getting canceled was the case though!
2006-10-27 10:11:04 · answer #7 · answered by mbenitez6383 4 · 2⤊ 0⤋
No, initially they would write off the debt if you didn't meet the minimum wage requirements after a certain period of time, but that's no longer the case - I'm afraid you're stuck with it!
2006-10-28 16:59:26 · answer #8 · answered by lauriekins 5 · 0⤊ 0⤋
No, that loan will go on your credit, and cannot be removed by bankrupt, or anything else, and actually they can garnish your wages any where you work for the money, and also your income taxes.
2006-10-27 10:47:55 · answer #9 · answered by Lovie 2 · 0⤊ 0⤋
No but if you leave the country for 12 years you do and because this is Britain you can come back after all that time because of duel citizenship!
2006-10-27 10:07:13 · answer #10 · answered by Anonymous · 0⤊ 1⤋