Wojciech
Diploma for Financial Advisers
Diploma in Accounting
Member of London Institute of Banking and Finance
If you’re asking, “Are postgraduate loans wiped after 30 years?”—the answer is yes in some cases. Any remaining balance after this time is automatically cancelled.
Student Loan Repayment Plans and Write-Off Dates
The rules for when student loans are written off depend on the type of loan you have. Here’s a detailed breakdown:
| Loan Type | Write-Off Date |
|---|---|
| Plan 1 (first loan paid before 1 September 2006) | Written off when you turn 65. |
| Plan 1 (first loan paid on or after 1 September 2006) | Written off 25 years after the April you were first due to repay. |
| Plan 2 | Written off 30 years after the April you were first due to repay. |
| Plan 4 (first loan paid before 1 August 2007) | Written off when you turn 65 or 30 years after the April you were first due to repay, whichever is sooner. |
| Plan 4 (first loan paid on or after 1 August 2007) | Written off 30 years after the April you were first due to repay. |
| Plan 5 | Written off 40 years after the April you were first due to repay. |
| Postgraduate Loans | Written off 30 years after the April you were first due to repay. |
Key Points to Remember
- Postgraduate Loans: If you took out a postgraduate loan in England or Wales, it will be wiped 30 years after the April you were due to start repayments.
- Plan 1 Loans:
- If your first loan was paid before 1 September 2006, it will be written off when you turn 65.
- If your first loan was paid on or after 1 September 2006, it will be written off 25 years after the April you were first due to start repayments.
- Plan 2 Loans: Written off 30 years after the April you were first due to repay.
- Plan 4 Loans:
- If your first loan was paid before 1 August 2007, it will be written off when you turn 65, or 30 years after the April you were first due to start repayments, whichever is sooner.
- If your first loan was paid on or after 1 August 2007, it will be written off 30 years after the April you were first due to start repayments.
Additional Notes
- Death or Disability: Loans are cancelled if the borrower passes away or can no longer work due to illness or disability.
- Maintenance Loan in Wales: If you’re a full-time student from Wales, you may have £1,500 of your Maintenance Loan written off.
If you’ve been wondering, “Are postgraduate loans wiped after 30 years?”—for students in England and Wales, they certainly are. Make sure to check your specific repayment plan to know when your loan might be written off.
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