Simon.and.Kate

Having done a quick search, most discusions regarding Students Loans are people asking "do I have to pay it...". I'm not asking how to dodge it, but would like information from people who are currenlty paying off their student loan whilst in Australia.

Although it's not been a priority since moving out 2.5 years ago, my folks back in the UK got a letter recently, and I realise it's time I should probably start looking into making payments towards my loan.

It started in 1999, so is the newer type, and my questions are:

1) We didn't tell SLC we were moving away. I've heard talk of getting 'fines' or additions added to your loan if you don't keep SLC informed. If we do the right thing and now get in touch, are we going to get penalties for this? Anyone have any experience of this? If so, how much etc...

2) How are people getting on repaying their loan? What are the logisitcs etc.
Again, I've heard talk of the money having to come out of a UK bank account, is this so? I really don't want to have to start messing about with a UK bank account.

Cheers in advance....

CasualObserver1

Firstly, SLC is useless and I have got terrible service from them.

There are no fines as such for not telling the SLC you have moved overseas but they might decide to charge you the default repayment of 250 pounds per month. However, depending on how much you earn (and current exchange rates) this may actually be cheaper then telling them what you earn! I would just tell them you have moved it will save you from accruing too much interest.

I still have a UK account so transfer money from there. I would warn you that they also charge a fee if you use a foreign card. So it is much easier and cheaper to use a UK bank account.

Hope this helps.

Simon.and.Kate

Cheers for the info.

Any idea what the fee for a foreign card is? It might be easier if you maintain a UK bank account, but I really have no interest in doing this. I don't live in the UK anymore and don't want to have a UK bank account just to be able to pay the SLC.

CasualObserver1

1.5%. This link should help
http://www.studentloanrepayment.co.u..._schema=PORTAL

There are plenty of posts on here about people moving back to the UK and not being able to open a UK account again. I would just leave it open with money in it, just in case.

Simon.and.Kate

Cheers for the link.

I'm pretty sure one of our bank accounts was left open, but I'm sure if (and I don't ever see it happening) we were to move back opening a bank account can't be that difficult...

CasualObserver1

Fair enough. I don't have plans to move back. But you never know. If family get sick etc (god forbid).

afclegend

I pay my student loan via direct debit, the SLC has a form on there website you fill in and notify them you are moving abroad they then calculate how much you will owe them each month and you can either pay by direct Debt from your UK account or pay via a visa card.

Inglewhite

Yes, i have the same experience as afc legend, then each year they will send you a letter to your oz address and you send them proof of earnings so they can check you are paying the correct amount.
I just ask employer to write me a letter to confirm expected earnings for year, this has worked well so far, just waiting for a new assesment at the moment as have reduced my hours to part time so this will affect my payments.Hope this helps