Can My Wife's Student Loan Be Written Off? | This Morning

Martin Lewis offers financial advice to callers.

[shirleysp]

I know this clip is old, but felt I needed to add to it for others thinking "it'll get wiped when I turn 65". No, not necessarily. There are 2 critical conditions. 1) If you've kept up the payments with no defaults then you qualify for THE REMAINING loan debt to be wiped when you're 65. 2) If you've not made payments due to low income but you've deferred payment EVERY YEAR by submitting the forms along with evidence of income, then been awarded it, you'll qualify to have the debt wiped at 65. If you DON'T DEFER, or DON'T MAKE PAYMENTS then the loan is effectively "cancelled", it goes into default and will be transferred to a debt collector for the whole amount. Once that happens it's no longer a student loan and you no longer qualify to have it wiped at 65. If you own your home they will put a lien on the property. I found this out when it happened to me. Please don't let it happen to anyone else