19th December 2010, 05:59 PM
Beware that the age-related cut-off point for loan repayments is different depending on when you started higher education and won't apply to those starting degrees after 2005. According to Moneysavingexpert.com http://http://www.moneysavingexpert.com/...repay#when :
* Start 1990-1997 if under 40 - Loan wiped 25 years after the start date or when you reach 50, whichever is soonest.
* Start 1990-1997 if 40 or over - Loan wiped when you reach 60
* Start 1998-2005 - Loan wiped when you reach 65
* Start 2006-2010 (excl Scotland) - Loan wiped 25 years from the first April after graduation (when you were first due to repay)
* Start 2006-2010 (Scotland only) - Loan wiped 35 years from the first April after graduation (when you were first due to repay)
...so any of my loan still outstanding will be wiped when I'm 73. I assume the government will be pleased to take repayments out of what will laughingly be termed my "pension" up to that point.
Interestingly (no pun intended), advice from this site is that you shouldn't pay off student loans early.
* Start 1990-1997 if under 40 - Loan wiped 25 years after the start date or when you reach 50, whichever is soonest.
* Start 1990-1997 if 40 or over - Loan wiped when you reach 60
* Start 1998-2005 - Loan wiped when you reach 65
* Start 2006-2010 (excl Scotland) - Loan wiped 25 years from the first April after graduation (when you were first due to repay)
* Start 2006-2010 (Scotland only) - Loan wiped 35 years from the first April after graduation (when you were first due to repay)
...so any of my loan still outstanding will be wiped when I'm 73. I assume the government will be pleased to take repayments out of what will laughingly be termed my "pension" up to that point.
Interestingly (no pun intended), advice from this site is that you shouldn't pay off student loans early.