Paying Student loan Abroad

thewizz2009

First off, I don't know if this is the right group.

My problem is, I moved to Canada, where I am working and plan to remain for the foreseeable future.

I know I need to inform the student loans company of this fact, but my question which is the best way to pay them. As I've been told I can't pay from a Canadian account, it has to be a UK one.

I still have a UK account, so my issue really is, what is a good way to transfer say 100pounds every month to the UK, without getting destroyed by commission?

Doshwaster

I thought that moving abroad to live and work was the standard method of avoid having to pay back a student loan? Once you are in Canada you are out of the reach of the Student Loan Company.

jamesbrownontheroad

thewizz2009 wrote: »

I still have a UK account, so my issue really is, what is a good way to transfer say 100pounds every month to the UK, without getting destroyed by commission?

You need to locate a reliable money transfer service. Some specialise in big transactions (for mortgage repayments etc) but some will be able to help you with smaller regular amounts. Banks are usually the least reliable and most expensive (short of Western Union) at sending money overseas. My partner is doing almost the inverse to you, working in the UK and sending money home to the States. Royal Bank of Scotland could not be worse at consistently charging her the wrong transfer fees or failing to process the transaction. In six months they have got it wrong six times, leading to missed credit card and student loan payments for her back home.

It's been a while since I was in your situation, living in Canada and sending money home, but the Canadian banks I used were just as bad. I would join one of the ex-pat forums online and ask around there: do some Googling and you should find places where British ex-pats will be able to help.

jamesbrownontheroad

Doshwaster wrote: »

I thought that moving abroad to live and work was the standard method of avoid having to pay back a student loan? Once you are in Canada you are out of the reach of the Student Loan Company.

Completely the wrong attitude. If the OP ever plans to return to the UK, (s)he will be in a very difficult (i.e. expensive) situation as a result of not informing the SLC of time spent working abroad.

jamal123_2

I have not contacted the Student Loans Company to arrange repayments since 2005.
If i remain out of contact with the SLC what are the implications?
Is there a set amount of time which after no contact the loan will be wiped out?

Doshwaster

jamesbrownontheroad wrote: »

Completely the wrong attitude. If the OP ever plans to return to the UK, (s)he will be in a very difficult (i.e. expensive) situation as a result of not informing the SLC of time spent working abroad.

I wasn't recommending it as an approach or approving of the morality of legality of doing so. Just noting that's what thousands of former students do each year. Whether they "get away with it" or not is a question for them.