certain age and was still not earing enough these would be wrote off!!! is this right and if so does anyone have and more info on this?
2007-10-09 13:30:57 · 6 answers · asked by its me! 2 in Education & Reference ➔ Financial Aid
Student Loan debts are written off at age 65 or after 25 years. I've just looked this up in the handbook that came with the loan form.
Hope this helps.
2007-10-11 02:49:48 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It all depends on when you got your loans. As it currently stands with nes loans (since 2001 or 2002) you have to be earning about 17k and repayment amounts will automatically be deducted at something silly like £20 per month which goes up in increments in line with your wage. If you acquired loans before this you have the option of deferring the payment due to cost of living needs, when you get to 65 it does get written off for this type.
The government claim that the average monthly salary for people in the uk is around 22k. That technically means we'll all be paying off our loans at a slow rate.
I think that the avg wage is complete bull, i wish i earned that!
2007-10-11 06:09:52 · answer #2 · answered by authoritaaah84 2 · 1⤊ 0⤋
ex wife had a student loan. Here's what happens: IF YOU WORK IN A CERTAIN OCCUPATION, like teaching (there are others) for a number of years, they write off part or all of the student loan. Has NOTHING to do with what you earn.
2007-10-09 13:40:21 · answer #3 · answered by Mike 7 · 0⤊ 0⤋
Student loans never go away except under very specific situations. Unfortunately, none of them have to do with your age.
Some situations that come to mind are:
Your death.
Your total and permanent disability after more than 3 years.
If the school closes before you finish your degree.
I'm attaching a good link for more details.
2007-10-09 13:43:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
the age you have to get to is retirement age, at the moment it stands at 65, but the way things are going I recon the retirement age will be pushed further so its like 100 and the government will override this rule and say you still gotta be apying back money till you die, and then when your dead will want to sell your assets, ancient old ipod from 2009 included!
Heres to a life in debt!! (16K in student loans, 5K plus interest in bank loans ...and I'm still here !!)
2007-10-09 13:39:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
retirement or death
2007-10-11 03:31:57 · answer #6 · answered by bottle babe 4 · 0⤊ 0⤋