Student Loan Panic!

Jeembo007

I've just discovered that you have to notify the Student Loans Company when you are moving abroad.

I'm a bit scared about this because I went abroad for a year immediately after I graduated (I went from the September after I graduated until the following September) to China to work as an English Teacher.

I've been back in the UK for the last 8 months and haven't heard anything from the Student Loans company and have been working and paying my taxes normally and saving money.

I've finally saved enough money to move abroad again and I'm going back to China next week, but I've just discovered I've got to notify the Student Loans Company.

I'm scared of doing this because I didn't do it last time and I don't know what the penalties are! I just simply didn't think of it last time, it was all organised in such a rush.

I'm also reluctant to set up some form of payment whilst I'm teaching English. My salary isn't going to be very high and I read somewhere that everything you earn over 3,000RMB you have to pay back 9% of. I'm really hoping to save (relatively) a lot of money whilst I'm in China, but that's gonna hit my savings.

I do intend to pay off my student loan and I was just assuming that when I eventually return to the UK and start earning over 15K that I'd pay it back automatically.

I feel like I'm going to have to contact them but I'm really worried about doing it because I don't know if they're going to fine me for not letting them know last time I was abroad and I don't know how much of my money they're going to want from me in China. Also, I'm pretty sure the other teachers I was working with out there didn't have a clue about this either.

Your advice, please?

queen_of_leon

don't really know but check out martin's 'step-by-step guides' on student loans...they may be of some help.
i would definately let them know u plan to go away this year...but as for last year u could have just been travelling and decided u wanted to work when u got out there.
lots of travellers do this when their funds start to run out so it's quite feasible.
best of luck : )

dannynixon

How would SLC ever know you went away the first time?

cashing_in

I would suggest you inform SLC this time before going to china, and don't refer about your first visit to china. They are never going to find out unless you have a criminal record or a warrant issued in your name.
So stop worrying, just inform about it this time and have safe journey to land of Dragons.:o

dannynixon

Exactly what I was thinking cashing_in

birduk

I have been in a similar sort of situation (but I was in Canada earning a pitance). With the old-style student loans you had to prove your income before deferment. I did that with Canadian payslips!

One thing you can do is to get someone to act as your 'proxy' and perform all legal matters with them whilst you are away. That can be your mum/dad/relative. Sign a letter to that effect and send it to the SLC.

Speak to them, really they are not that scary! It really doesn't matter if you are leaving the country! Stop worrying so much and good luck!

wacko911

You pay 9% of what you earn OVER the threshold, so if your not on a big income it wont be that much.

brownbabygirl

Nice thread. I sorta have the same problem. I went abroad for 4.5 years immediately after I graduated in 2002. During that time, I did inform them I was abroad. Now that I am back, I was expecting the payments to be taken out automatically from my pay but nothing so far. I have been back 18 months now. I am not in a rush to contact them in case they demand a lot of money at once since I have not paid a penny. What to do? I have not ever heard from them for years. Arent SL payments tracked through NI? I am quite confused. OP sorry to highjack your thread!

dannynixon

brownbabygirl wrote: »

Nice thread. I sorta have the same problem. I went abroad for 4.5 years immediately after I graduated in 2002. During that time, I did inform them I was abroad. Now that I am back, I was expecting the payments to be taken out automatically from my pay but nothing so far. I have been back 18 months now. I am not in a rush to contact them in case they demand a lot of money at once since I have not paid a penny. What to do? I have not ever heard from them for years. Arent SL payments tracked through NI? I am quite confused. OP sorry to highjack your thread!

How much do you earn? You must be earning over 15 per annum to pay for student loans. Earn any less (or nothing in the UK in your case) and you do pay them anything.

Although there may come a time when they ask what you did for 4.5 years and they may ask your income over those years (providing you had one)

CLAPTON

try reading

http://www.studentfinancedirect.co.uk/portal/page?_pageid=53,1261379&_dad=portal&_schema=PORTAL

brownbabygirl

dannynixon wrote: »

How much do you earn? You must be earning over 15 per annum to pay for student loans. Earn any less (or nothing in the UK in your case) and you do pay them anything.

Although there may come a time when they ask what you did for 4.5 years and they may ask your income over those years (providing you had one)

I have made OVER this threshold ever since i graduated. i dont know what to do and scared to contact them:eek: