Martin Lewis has shared four ways graduates can see their student loan balance disappear, though for many it will be time rather than money that makes the difference. The MoneySavingExpert founder explained in an Instagram video that student loans are not like normal debt, but newer rules mean many borrowers will be paying for much longer than older graduates did.
The four methods to clear student loan debt
The most obvious method is simply repaying the loan, covering tuition, maintenance borrowing and interest accrued after leaving university. However, Lewis stressed that most people historically have not cleared the full balance themselves, because the system is designed so that many borrowers reach the write-off date before the balance hits zero.
Grants, bursaries and scholarships do not need to be repaid – they are 'free' support typically aimed at living costs. For many former students, the more realistic finish line is the write-off point, where the remaining balance is cancelled once the repayment clock runs out.
Write-off timings vary across the UK
Exactly when the wipe happens depends on where you are from in the UK and when you started university. For Scotland or Wales, if you began from 2012 onwards, the debt is written off 30 years from the April after you leave university.
Lewis said: "In Northern Ireland from 2012 onwards, it's 25 years after the April after you left university." England is more complicated, with cut-offs changing depending on your start date.
English student loan write-off periods
For English students, the broad rule of thumb is: started from 2012 to 2022 – written off after 30 years (from the April after you left); from 2023 onwards – written off after 40 years (from the April after you left). Lewis warned that newer graduates have their debt hanging around for much longer, and said 2023 entrants and beyond "could be paying for almost all of your working lives".
Other scenarios where debt is cancelled
Beyond paying down the loan or waiting for the write-off, Lewis highlighted two grim-but-important scenarios where the balance gets cancelled. If someone dies, their student debt is cleared and does not get handed to family members. Lewis said: "That's important to know because it means if you were to die, no one would have to pick up the debt from you afterwards."
The other scenario is where someone is formally assessed as "unlikely to ever be able to work again" due to physical or mental illness. In that case, the loan can also be wiped.
Borrowers can check their outstanding balance, plan and interest rate online via their Student Loans Company account on GOV.UK.
