Age Related Cancellation
As you might be aware, under the terms of your Student Loan Agreement, you may be entitled to an ‘Age Related Cancellation’ if your account is not in arrears and you meet the criteria for a cancellation. As we are now approaching 25 years since first Student Loans were granted, we wanted to remind our customers of this option and advise on what conditions need to be met in order to be eligible for cancellation.
If you meet the eligibility criteria for cancellation (as outlined below), you don’t need to do anything as we will carry out this activity automatically and inform you once we did so. If your loan is cancelled you will no longer need to make any further payments and the remaining balance of the loan will be written off.
If you are currently in arrears, your loan will not be cancelled until you repay your arrears and are up to date with your payments. Please contact us to discuss your circumstances.
Please note, if your loan has been terminated, you will no longer be eligible for Age Related Cancellation.
You can find further information about the Age Related Cancellation below:
What is Age Related Loan cancellation?
Under the terms and conditions of your loan, we will cancel your liability to repay the loan if you are not behind with any repayments under any agreement for a student loan and you;
i. were under the age of 40 when your last agreement for a student loan was made and you reach the age of 50 or when your last agreement for a student loan has been outstanding for not less than 25 years, whichever is the sooner, or
ii. were aged 40 or older when your last agreement for a student loan was made and you reach the age of 60, or
How do I apply for Loan Cancellation?
If you are up to date with your loan repayments, your loan will be automatically cancelled when the criteria is met.
Will I receive confirmation of this?
We will issue written confirmation to you when your loan has been cancelled.
What if I am in arrears with my loan?
To make a payment of your arrears or to discuss further, please contact our UK based customer support team on 0333 003 7188/+44 (0)141 278 6114. You are also able to make payment online using our dedicated customer portal. Simply visit https://portal.erudiostudentloans.co.uk to view your account - 24 hours a day, 7 days a week.