Paying Student Loans when travelling...

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Paying Student Loans when travelling…

Avatar for Afox1984
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I’ve just received a letter from student loans company saying that if I go abroad I’ll have to pay a ‘standard overseas repayment rate’ of £246 per month…

They say I can have this amount reduced by letting them know before I leave, not sure how much by but I’m guessing not much.

I was planning on going to Oz for maybe a year but now I don’t know what to do, can’t afford to pay the loan off outright. Anyone else had this problem? is there any way of freeing a student loan whilst travelling?

     
Avatar for Warrick
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Are you sure that the letter doesn’t say you have to pay that much if you don’t let them know that you’re travelling?

You don’t have to pay anything off your student loan whilst you’re travelling. You do have to let them know how long you’re away for though, and you have to provide proof of how you’re funding yourself whilst you’re away.

Give them a ring and they’ll explain it.

     
Avatar for Jordy
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Do you have to let them know if you havent started paying it off yet?

xx

     
Avatar for Afox1984
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yeah you’re right it does say failure to notify us will result in you paying £246. But then it goes on to say ‘If you are about to go overseas, you can apply to have this amount reduced by completing enclosed form before leaving’...the ‘reduced’ bit just sounds a little worrying

     
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Surely you can just tell them where to shove it?

     
Avatar for Xxxfranksxxx
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I need someone to help me regarding my student loan!! please!!!!

I know the standard stuff like you only have to start paying it back once you earn over £15k and then its only a small amount a month etc…. BUT does this all happen without me having to do anything??

I quit uni about half way through and in that time got about £6000 worth of student loan.  That was more than 2 years ago now and i have heard absolutely nothing about it.  No letters have been sent to me asking me to start paying it back, nor have they sent anything about the balance or anything. For the last year i have been earning more than £15k but nothing has happened, it hasn’t gone out of my wage or anything.  I figured it may be because of the tax year and i didn’t start earning more til after the new tax year in 2008 but now its the new 2009 tax year and it still isn’t going out, even though the tax office knows how much i now earn?!

So do i keep quiet and hope that somehow they have forgotten about it but then run the risk that it does exist and interest is building up every day OR do i ring them and try to find out how to sort it all out but then i will be informing them when i might have got away with not paying it back?!

Any help would be greatly appreciated.  I know its not about travel really but i am travelling next year and don’t know whether i should try sort this out before i go or not?!

If anyone has had a student loan and is now paying it back if you could just say how you went about paying it back?

thanks xoxo

     
Avatar for Gijonno
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That was exactly what I was thinking before I started paying off my loan. I was told that you are eligible for repayment two years after I had finished uni. I finished uni July 2005 and it got to August 2007 and there was no money taken out my account. I thought i’m defo going to keep this quiet so I did.
It got to March 2008 that I got my first payment taken out my monthly pay. I was pretty gutted as I thought I got away with it!  I heard that the balance gets canceled after 25 years, although that could just be bullshit.

How much you pay back is basically 9% of anything you earn over 15k a year.

     
Avatar for Bextor81
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Surely you can just tell them where to shove it?

That was my plan!
Oh do I have to tell them, I just wanted to disappear into the night

 

     
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That was exactly what I was thinking before I started paying off my loan. I was told that you are eligible for repayment two years after I had finished uni. I finished uni July 2005 and it got to August 2007 and there was no money taken out my account. I thought i’m defo going to keep this quiet so I did.
It got to March 2008 that I got my first payment taken out my monthly pay. I was pretty gutted as I thought I got away with it!  I heard that the balance gets canceled after 25 years, although that could just be bullshit.

How much you pay back is basically 9% of anything you earn over 15k a year.


Guess i will just sit on it then and wait for them to take it.  Just keep my fingers crossed that maybe they won’t!! grin

     
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I was pretty gutted as I thought I got away with it!  I heard that the balance gets canceled after 25 years, although that could just be bullshit.

Nope, only if you either reach 65 or die do they write it off.

Believe the interest rate is going to be zero from August or September or something so you shouldn’t get any interest added on after then, at least until it becomes inflation again.  It should be negative so they should be taking money off but they decided that was going to be unfair.  Bastards.

     
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I hadn’t even thought about my student loan. I graduated in July 2007 but earn less than £15k so don’t pay anything back as yet. Has anyone else who currently isn’t paying anything let them know they’re going away?

     
Avatar for Tiggle25
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OMG, panic!  I leave in 4 weeks and hadn’t even thought about this!  I just assumed if you weren’t working you didn’t pay and then you resumed paying when you got back and got a job.

I won’t be working at all when i’m travelling, does this make a difference?  I went onto the government website and it only had links for working abroad not just travelling, do i still have to let them know?  do I still have to pay??

Toni :?

     
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I’ve just had a quick look on their website. It looks to me like the threshold for Oz is £12,000. So if I earnt more than that (which I won’t be doing) I’d then have to pay back 9% of anything over that (like you do in the UK except the threshold here is £15,000). What I am a bit confused by is the monthly default repayment of £196 a month! The website makes it sound like if you don’t tell them you’re going abroad that they’ll get you to pay £196 a month, but if you tell them and presumably you earn under the thresehold you don’t have to pay back anything.

Its a tad confusing so think I’m going to call them tomorrow and find out. I really can’t afford to pay back £196 a month when I’m travelling!

     
Avatar for Warrick
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I told them I was leaving the country, sent them a letter confirming it, and then just ignored everything else they sent me.

I’m not saying this is what you should do, but I didn’t pay anything whilst I was away. They ask for all sorts of information but I was far too lazy to do that much organising for something so unimportant as the SLC.

Worked out OK for me.

     
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toni - did you find out whether you have to let them know or anything? Im in same situation as you…

been working and paying it off for 3 yrs and going travelling in 2 months (not planning on working either)

no idea if I need to let them know!!!!

so tempting to just leave and hope it resolves itself but am sure Ill regret this if they try to take money while Im away!

Becs

     
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Becs, when you started paying your loan back did it just happen automatically without you having to do anything??