Student loans help needed!!

Maxclarkk

Hello everyone

I’m in a bit of a pickle in relation to how I go about repaying student loans because I’m going to China to teach English in January and I might go for more than one year if I notify the government is there a chance that I could pay a reasonable amount whilst in another country?

My fear is that I’ll come back to the UK to own a home and find that my repayments will be sky high as a result of spending years away from home.

Any help is appreciated!!

Thank you!

Max

madvicker

Have you spoken to the Student Loans Company about it?

DrEskimo

Maxclarkk wrote: »

Hello everyone

I!!!8217;m in a bit of a pickle in relation to how I go about repaying student loans because I!!!8217;m going to China to teach English in January and I might go for more than one year if I notify the government is there a chance that I could pay a reasonable amount whilst in another country?

My fear is that I!!!8217;ll come back to the UK to own a home and find that my repayments will be sky high as a result of spending years away from home.

Any help is appreciated!!

Thank you!

Max

Your repayments will only change based on the amount you earn. It will be capped at 9% of everything you earn above a certain threshold. Currently this is £18,330 for Plan 1 loans, and £25,000 for Plan 2 loans.

The balance will increase while you pay interest and don't pay down the capital, but the balance has no impact on the amount you repay each month.

Pixie5740

What's the pickle? Moving overseas whilst you have student loans outstanding is covered on the Student Loans website. The threshold is determined by the country you will be residing in and if you earn over that threshold you will need to make repayments.

Plan 1

Plan 2