FORGET Student Loan if plan to stay abroad

Lavendyr

I don't see why the SLC wouldn't pass on your debt to a debt collection agency in the country in which you are living, if you refuse to get in touch with them. And quite frankly, I hope they do, if that's the only way they can get you to pay off your debt.

You borrowed that money fair and square - you should pay it back, just like the rest of us have to.

foreign_correspondent

"If at anytime you move abroad, you're expected to inform the student loans company so you can make repayments directly to it (usually by direct debit). Your repayments will be deducted in pounds sterling and you'd be responsible for any costs involved in converting the currency.

There are severe penalties if you don't tell the Student Loans Company, or chose not to repay by not providing them with information they request to be able to deduct repayments from your UK salary. These include tripling the normal rate of interest on your account, deducting repayments based on an income equal to twice the UK average earnings, and even demanding that you repay the total loan in one go…so beware! "

http://www.moneysavingexpert.com/loans/student-loans-repay#never

pay up!

petelangfield

For every person who doesn't pay back their student loan there are people who have to cover the cost, this could be an increase in the rate of borrowing for future students or it is taken out of taxes that the population pays including those who actually need the money.
One persons student debt won't make a huge difference but a handful will soon add up.

On the other hand, if your debt isn't paid by the time your 40 its scraped. However if you avoid paying it when you should then i think they may ignore this rule.

I'm a student and am always looking out for ways to make a bit of money, however I try to avoid it if i know it will make someone else worse off.
Whats so bad about living in the UK?

Saving_with_the_secret

"On the other hand, if your debt isn't paid by the time your 40 its scraped. However if you avoid paying it when you should then i think they may ignore this rule."

IS THIS TRUE? I've been paying but I've never heard this... where did u get that information? I'd really like to know.

I'm 36 and would be happy to continue paying if I know it's stopping at 40! I don't earn a huge amount!

MrsManda

Saving_with_the_secret wrote: »

"On the other hand, if your debt isn't paid by the time your 40 its scraped. However if you avoid paying it when you should then i think they may ignore this rule."

IS THIS TRUE? I've been paying but I've never heard this... where did u get that information? I'd really like to know.

I'm 36 and would be happy to continue paying if I know it's stopping at 40! I don't earn a huge amount!

This depends on when you received your last loan and whether you have a mortgage style or the income based repayment loan. See the SLC repayments website HERE for income based, and HERE for fixed term mortgage style

Loki01

Yeah..dont worry...We will just pay it off for you. I hope you can sleep at night..It is not a goverment you are stealling from, it is us!

Taiko

Plus HMRC, who collect, now have access to bank accounts within the EU.

whitfreak

brownbabygirl wrote: »

do they track repayments via NI? cos i went abroad after graduation for 4 years. i am back now and working since last november but they still dont deduct. i have had no letters or calls about paying back. anyone know why?

Presuming you are paying tax via PAYE, you should have ticked the box your on P46 when you started work. And if that failed you should have told your employer who should have sorted it out. Assuming your earning enough that is. Note its your responsiblity to make sure you are repaying what you should be.

If your not paying tax via PAYE I'm not sure what you do. I think it gets charged as part of your tax return.

To imagings, if you stay in the EU it can be enforced. Its a messy process but can be done. But I've got a feeling that if they find you, their costs are now your costs (especially as your on a pre1998 loan). And while student loans do not generally appear in credit referances, I believe defaulting on them does. Have a read of the bottom of this page http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/RepayingStudentLoansCoursesStartingBefore1998/DG_10034849. So the risk is all yours, but considering your already ignoring the phonecalls, debt agencys and legal action maybe just around the corner.

Oldernotwiser

Most of this thread is 2 years old.

km666

the issue is that higher education should be free for people entering from college education or below a certain age, the fact that most people got thier degree for free (if more then 13 years ago) only backs this argument further why should i get £30'000 of debt when you got yours for free or something meagre like £3000 of debt. saimple fact is the universities and govt are greedy pigs shovvling thier fat mouths full of my generations cash that thanks to you lot in the public sector and banks is virtually worthless anyway. so whilst people can wax lyrical about how its taxpayers cash, so what every child deserves an education but only those from wealthy, middle class backgrounds deserve a degree. why should i pay for an education when those in power got thiers for free. and dont get rude saying oh boo hoo i had to pay back £5k for the penthouse suite me and tarquin rented in mayfair.a single room in a uni run house costs £530 pcm, this is in the equivilent of a travelodge hotel style room, but half the size, with communal facilities. these 'flats' will house 6-8 thats over £4k pcm per flat straight to the uni, an average block might have 100 flats in it, thats £400'000 pcm per flat, where does my tuition fee go? not on keeping the flats to a £530 pcm standard thats for sure. not on offsetting public transport costs to the uni site, oh no. FACT unis are raking it in.