SLC Loans for 1992/3 & 1993/4. Always deferred, soon to be 50 yo

[ELSwat]

Hi

Just joined this great forum today.

I have a query about Student Loans that I took out in the Academic years Autumn 1992-93, and Autumn 1993-94.

I was 34 years old at the start of the 1992 academic year loan and 35 years old at the start of the 1993 academic year loan.

I have received deferment for each and every one of the years since, up to and including my latest deferment for the period starting 25/04/2008 and ending 24/04/2009.
As deferment for each year was successfully administered and approved by SLC, I have never made, or been asked to make, any repayments.

I will be 50 years old in August 2008.

Will one or both of those loans be canceled when I reach 50?



Many thanks for any advice.


NB: From a link in another thread here I have found the regulations relating to Student Loans for 1992 and 1993:
The Education (Student Loans) Regulations 1992
The Education (Student Loans) Regulations 1992

They state clearly that if the student borrower was less than 40 at the time of the loan agreement, and was not in breach of any obligation under the loan agreement (eg had successfully applied for and been granted deferment in all years, or any amount of loan was still unpaid after 25 years), then the loan would be canceled completely upon reaching the age of 50 or the 25 years, whichever was the sooner.


"Cancellation
12.—(1) A borrower's liability to make repayments in respect of all loans shall be cancelled if—

• (a) he dies; or

• (b) he is a person to whom paragraph (2) applies.

(2) This paragraph applies to a borrower who is not in breach of any obligation in relation to any loan and—

• (a) if he was aged less than forty when he last entered into an agreement for a loan, if he attains the age of fifty or if the loan for which he last entered into an agreement has been outstanding for not less than twenty-five years (whichever event is the sooner); or

• (b) if he was aged not less than forty when he last entered into an agreement for a loan, if he attains the age of sixty."