Student loan abroad. Yearly payments?

yer_maw

Hi,

I am moving abroad and have to pay my student loan back, but all I can see is doing it by monthly repayments. This means I will incur transfer fees every month.

Do SLC allow you to pay a year (or six months) in advance in one go? Then pay again the next year? Do they check the regularity of the payments or just the balance? If I pay in lump sums I would save the hassle of doing it and the fees for the currency conversion.

Thanks.

agrinnall

I don't know exactly how SLC process loan repayments from abroad but if they won't allow what you want is there any reason why you can't maintain a UK bank account and simply do a single transfer into it at the start of the year and let SLC take the money from there every month?

eklynne

I have friends who moved abroad after graduating and don't pay it at all.

agrinnall

eklynne wrote: »

I have friends who moved abroad after graduating and don't pay it at all.

So you're suggesting defrauding the SLC and the taxpayer - great advice :mad:.

Poolie

yer_maw wrote: »

Hi,

I am moving abroad and have to pay my student loan back, but all I can see is doing it by monthly repayments. This means I will incur transfer fees every month.

Do SLC allow you to pay a year (or six months) in advance in one go? Then pay again the next year? Do they check the regularity of the payments or just the balance? If I pay in lump sums I would save the hassle of doing it and the fees for the currency conversion.

Thanks.

Once the system has calculated what you are due to pay, there was a system were they can hold the money and take it from a pot rather than calling for the direct debit. You would need to ask them to put the money aside to do this rather than paying it off the balance of your loan. It might be wise to speak to somebody from the repayment department about setting this up, if they don't understand as them to raise a question with the team lead or with the ICR department.

hannahg123

Every 12 months when living abroad they send you a letter and an 'Overseas Assessment Form' which you complete with details of your earnings etc. If you choose not to return the form they send you a letter stating that as you've not returned it they've calculated your annual repayment for the forthcoming year to be x. You can then make arrangements to pay that amount in one payment based on their letter.

Now long term I don't know if making one annual payment ends up costing you more money, but that's the way they do it

eklynne

agrinnall wrote: »

So you're suggesting defrauding the SLC and the taxpayer - great advice :mad:.

Wind your bloody neck in mate, I didn't suggest anything, merely stated a fact. I also have friends who have never earned above the minimum wage threshold who've never paid either.

Dunroamin

eklynne wrote: »

Wind your bloody neck in mate, I didn't suggest anything, merely stated a fact. I also have friends who have never earned above the minimum wage threshold who've never paid either.

The difference being that the first example is fraudulent, the second isn't.