Simple Chart Reveals Exact Date Your Student Loan Will Be Completely Wiped

by : UNILAD on : 02 May 2017 17:47

Remember back you were 18, had no idea what you were doing and signed up for thousands of pounds of debt?


Well that ever-growing debt is likely to be hanging over your head for a long time before the elusive write-off wipes it all away.

The date of your write off depends on when you took out your loan, and MoneySavingExpert.com have created a table that explains when your loan will end.


Anyone who studied at university in England and Wales after 2012 will have their outstanding student loan wiped after 30 years from the first April after their graduation.


In Scotland, the debt is wiped after 35 years, while it is 25 years in Northern Ireland.

For those older folk who started uni between 2006 and 2011, they’ll get their debt written off 25 years after they graduated.


Martin Lewis, who runs the MoneySavingExpert.com blog, told the Sun:

In the majority of cases, because student loans are only repaid if you’re earning enough money, and you don’t need to repay if you’re not earning enough, and because they also get wiped after a certain number of years, people shouldn’t be paying them off earlier than they need to.

Even for those who can afford to pay it off, if you have any other form of borrowing (mortgage debt, a car loan etc) those commercial loans have much more stringent terms, so better to pay those off than clear the student loan and borrow back using commercial debt.

Student loans are the best form of structured loan you can get, so if you’re gonna have other types of loans, better to clear those first.

If in doubt – don’t overpay.

Paramount Pictures

So the write off sounds pretty nice, but let’s not forget the almost 33 per cent rise in interest rates on tuition fees and maintenance loans.

This means that some students now face paying interest of 6.1 per cent on their loans.


So yeah, I wouldn’t start the student loan advent calendar just yet.

Topics: News


  1. MoneySavingExpert

    When will your student loan be written off?