Have you had your student debt written off? Email elizabeth.haigh@mailonline.co.ukFinance experts have revealed the tricks and loopholes for how Britons can get rid of their student loans for good, after new figures revealed more than 61,000 people have debts of more than £100,000.
But for graduates despairing over their spiraling loan balance, there are multiple ways to increase repayments or even have the loan written off altogether. Student loans are so common that they also rarely factor into credit scores or mortgage assessments, meaning having even a large debt is not necessarily a disadvantage.
'The reality is that most people will have their student loan written off before they have finished repaying it. Student loans expire – also known as forgiven - after either 25 or 30 years, or once you turn 65 depending on the plan you're on. Read More Britain's biggest student debt is £230,000 while another graduate has run up £55,000 in interest alone, new figures show - so how much do you owe? This is far more likely to happen for those who enter high-paid professions or can increase their salary.
At the other end of the spectrum, graduates looking for a quick fix to student loan repayments may want to consider entering the teaching profession. Move abroad? Many graduates think moving abroad will spare them paying back their loan - but that's not usually the case Moving to Australia or the USA, for example, means graduates will have to earn significantly more to begin having to repay their loans.
'You'll also need to make repayments directly to the SLC, typically in scheduled installments, rather than having them automatically deducted from your salary. As well as increasing earnings, savvy savers could also be at an advantage when it comes to student debt. Make early repayments Experts told MailOnline that after graduating, it only makes sense to make early repayments if graduates earn enough to pay it all off