Paying back student loan
 

I just wanted to know if anyone is currently having to make payments to student loan company in the Uk from Canada? I am due to start paying mine end of the month. I am not sure of the best method to send payments every month. I was initially going to wire money to my UK account from my canada account. However i think my bank charges $15 dollars to wire each time. I dont think that would be the best way. The other option would be paying via canadian visa credit card. I am considering using this method but not sure if this is the best way to make the payments.

I would appreciate any comments on experience having to make payments and the most hassle free and cheapest method to do so.

Thanks everyone.

Re: Paying back student loan
 

To be honest, I dont know how this would work.
When I had mine, I didnt have the option to pay it back- as soon as I was earning above a certain threshold, the money came straight from my salary.
They take a certain amount, depending on how much you earn. If you earn below a certain threshold, you pay nothing.

I dont know if this has changed at all, but you'll probably need to speak to the student loans company.

Re: Paying back student loan
 

Hi Jericho

When you mention that you had it deducted automatically, were you work in Canada or UK?

Re: Paying back student loan
 

No, this was back in the UK and was around 10 years ago.

Re: Paying back student loan
 

It used to come out automatically when i was in the UK too. I am now living in Canada and therefore you have to arrange the payments as you can not take it out automatically. Just not sure of the best method. :confused:

Re: Paying back student loan
 

I sincerely wish you the best of luck with the Student Loans Company. I came to Canada over a year go now and I've been wrangling with them ever since. Do they know you are in Canada? I think the first step is to let them know you have left the UK. Then they will need to see what you earn in Canada so they can work out your repayments. You can pay online once you get registered on the repayment part of their website, or post them a cheque.

Re: Paying back student loan
 

I kept my UK bank account up and running and transfer enough money every few months or so via paypal (I set up 2 accounts with 2 email addresses one attached to my UK account and one attached to my canadian account) you still have to pay fees but as I wasn't transferring a huge lump sum it worked out cheaper than paying the bank fees everytime.

P.s I can't stand the student loan company, they're so incompetent. I can't count the number of times I've been on the phone to them saying I'm trying to give you the money just take it!!!

Re: Paying back student loan
 

Given the exchange rate at the moment might it be worth getting a loan here and just paying off the student loan? Its probably as cheap as it will ever be.

Re: Paying back student loan
 

Building crediting rating in the process

Re: Paying back student loan
 

The SLC is useless! Apparently my loan was transferred to another company and they didn't even bother telling me. But to defer my loan I still had to go through them... and I ended up with letters coming from both companies!

I was very glad to see the back of that loan!

Re: Paying back student loan
 

Has anyone just not bothered to tell them you left the country and not supplied a new address?

Re: Paying back student loan
 

No, i filled out the relevant form to tell them i was leaving last year. It was deferred for a year as i was unemployed at the time. But recently i had a letter that arrived in the UK at my mums saying i need to start paying it back. They were threatening to request a standard payment if i do not fill out an overseas income assessment. I sent the assessment last week and assume will have to start sending payments now. I know the exchange rate will prob not work in my favour. Cant really transfer the loan. I was thinking of sending bulk payments to UK account. But cant really afford to do it that way.

Re: Paying back student loan
 

If you owe pounds and have Canadian dollars it will work very well in your favour. At the moment you are only having to pay around $1.5 for every £ you owe.

If you owe 10,000 quid this is prob about 15/16,000 dollars.

If the rate gets back to 2, you are talking 20,000 dollars.

This is why I would look to see if you can clear it all now.

Re: Paying back student loan
 

You mean defaulted on their loan? :sneaky:

Re: Paying back student loan
 

Why not contact the British Foreign & Commonwealth Office (FCO) and have them put it off in deferral to the war debt? Last I heard UK still owed US$22.7m to Canada for bayonets and gas fittings. You owe them - they owe us - s'done deal mate! Slip the clerk a pony if they give you any lip.