We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Paying student loans abroad -- strategy?
randomination
Posts: 2 Newbie
in Loans
N00b here, was minded to post after reading Martin's excellent article on Student Loans.
I'm probably moving to Canada in the next 3 or 4 years and I'm thinking about how to plan for this. I have around £6500 left to pay on my student loan, and was slightly alarmed to read that the Student Loans Company (bless their little stony hearts) wanted monthly direct debit payments in pounds sterling and that one should bear the cost of currency conversion oneself.
Having to pay the conversion fees seems like something that could dramatically increase the cost, defeating the point of having a low-interest loan. Gah, I say. GAH.
I was thinking one way around this would be to leave a pounds sterling account open in the UK after I leave. The SLC could take direct debit payments from it, and I could 'top up' the account when I return to the country to visit family and friends. Meanwhile, the money would earn enough interest to pay for the fee to convert from CAD$ to GBP.
My question: can anybody think of a reason why would this might not work? And does anybody have any better ideas? As the Canadians might say, eh?
Thankee
I'm probably moving to Canada in the next 3 or 4 years and I'm thinking about how to plan for this. I have around £6500 left to pay on my student loan, and was slightly alarmed to read that the Student Loans Company (bless their little stony hearts) wanted monthly direct debit payments in pounds sterling and that one should bear the cost of currency conversion oneself.
Having to pay the conversion fees seems like something that could dramatically increase the cost, defeating the point of having a low-interest loan. Gah, I say. GAH.
I was thinking one way around this would be to leave a pounds sterling account open in the UK after I leave. The SLC could take direct debit payments from it, and I could 'top up' the account when I return to the country to visit family and friends. Meanwhile, the money would earn enough interest to pay for the fee to convert from CAD$ to GBP.
My question: can anybody think of a reason why would this might not work? And does anybody have any better ideas? As the Canadians might say, eh?
Thankee
0
Comments
-
*brushes tumbleweed stain off trousers*
Anybody?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards