Martin Lewis says students can have £1,500 of their debt 'cancelled' today

Martin Lewis has issued a warning to those with a student loan - because they can get £1,500 of their debt "cancelled". The BBC Sounds podcast host and ITV star spoke out on Twitter, now X, after a social media follower and fan reached out to him.

Mr Lewis said: "Are you a welsh student who started uni after 2010 and got a maintenance loan - this could be worth £1,500..." It comes after a Twitter/X user told him: "Not a question, but if you're going to talk about student loans in your podcast, can you mention the "Student finance partial cancellation scheme" which is available in Wales.

"I've told a few Welsh friends about it who were not aware of it. It's a no brainer. Mark Murphy, Wales" Since the 2010 to 2011 academic year, the Welsh Government has cancelled up to £1,500 of a student’s debt, where the debt is the result of taking out a maintenance loan for a full-time undergraduate course.

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The cancellation will be applied to an eligible maintenance loan. An eligible maintenance loan is a student’s first maintenance loan taken out from the academic year 2010 to 2011. The cancellation will be applied when they start repaying their loan.

The Welsh government says: "The scheme applies to students who have received a maintenance loan from Student Finance Wales since the 2010 to 2011 academic year to support them to study a full-time undergraduate course. Those who receive loans for part-time undergraduate study or postgraduate study are not eligible.

"Students will not qualify for the cancellation if they have any outstanding charges, costs, expenses or penalties in relation to their loan or if they are in breach of their loan agreement. If students take out a loan in more than one academic year, the cancellation will be applied to the earliest maintenance loan which they took out since the academic year 2010 to 2011.

"As long as a student took out a maintenance loan during or after the 2010 to 2011 academic year and is eligible for a cancellation, their deduction will be applied when they make their first repayment. If their income remains below the repayment threshold for several years, they will still be eligible for a cancellation if or when they enter repayment in the future. If a student makes voluntary payments these will also be counted towards repaying their loans.

"The cancellation will be applied shortly after the first repayment is made and will normally be shown on the next student loans statement. Students are only entitled to receive the cancellation once even where the amount of cancellation was £0 due to them paying their outstanding debt in full. Students should consider this when making voluntary repayments."