Written question asked by Baroness Scott of Needham Market (Liberal Democrat), in the House of Lords. It was answered by Lord Henley (Conservative) on Thursday, 15 September 2011.

Higher Education: Student Loans

Question: To ask Her Majesty’s Government whether outstanding student debts will be written off when a mature student reaches retirement age.

Answer: Under the current system of income-contingent repayment (ICR) student loans, any outstanding loan balances will be cancelled in the following circumstances: if a borrower dies; or if a borrower receives a disability benefit and because of the disability is permanently unfit for work; or (a) for those who entered higher education before 1 September 2006: when the borrower reaches the age of 65, (b) for those who entered higher education on or after 1 September 2006: 25 years after their statutory repayment due date. Under the new system of ICR loans being introduced for students entering higher education from 1 September 2012, any outstanding loan balances will be written off in the following circumstances: if a borrower dies; or if a borrower receives a disability benefit and because of the disability is permanently unfit for work; or 30 years after their statutory repayment due date.

Secondary information