Paying back student loan
#16
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.
I can't offer any advice on the original question. I left enough money to pay off the loans in an English savings account. Given the subsequent shift in exchange rates, I wish that I had brought it over, but I took the safer option.
Last edited by danfolkestone; Mar 5th 2010 at 5:28 am. Reason: typo
#17
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Joined: Sep 2005
Location: Vancouver, BC (originally from Huddersfield, W. Yorkshire)
Posts: 1,223
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.
Hope it all works out ok for you,
Adele
#18
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Thread Starter
Joined: Dec 2008
Location: Toronto
Posts: 167
Re: Paying back student loan
Thanks for your comments on this everyone. Adele, I will probably go with your option and just pay on a Canadian Credit Card. Looks like it will be the cheapest option. I double checked with TD bank yesterday and it would actually be $30 dollars extra each time i want to wire the money! Thats ridiculous especally if you have to do it every month! Will see how credit card payments go.
#19
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Joined: Mar 2010
Location: London, UK
Posts: 33
Re: Paying back student loan
Oh shoot... I was hoping and had been told by a few people I could do EXACTLY that, but I guess not.
I have a serious case of sour grapes with student loans anyway, in that if i'd been born a couple of months earlier, I would've come under the old grants system, I guess I'll just have to blame my parents for their unfortunate timing
#20
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Joined: Sep 2008
Location: Fredericton, NB
Posts: 173
Re: Paying back student loan
Oh shoot... I was hoping and had been told by a few people I could do EXACTLY that, but I guess not.
I have a serious case of sour grapes with student loans anyway, in that if i'd been born a couple of months earlier, I would've come under the old grants system, I guess I'll just have to blame my parents for their unfortunate timing
I have a serious case of sour grapes with student loans anyway, in that if i'd been born a couple of months earlier, I would've come under the old grants system, I guess I'll just have to blame my parents for their unfortunate timing
I also have very sour grapes with them, not only did i not get a grant but because I started my degree after 1998 i don't even have the option of deferring for a year! double screwed. I hate the SLC
#21
Re: Paying back student loan
Yeah that was my plan but after speaking to a number of people it would appear its not a good idea!
I also have very sour grapes with them, not only did i not get a grant but because I started my degree after 1998 i don't even have the option of deferring for a year! double screwed. I hate the SLC
I also have very sour grapes with them, not only did i not get a grant but because I started my degree after 1998 i don't even have the option of deferring for a year! double screwed. I hate the SLC
#22
Re: Paying back student loan
The terms and conditions of these loans may be more generous than those of loans to buy televisions and soft furnishings but, since the borrowers have no choice but to take out the loans and people only slightly older than them had no need to take out such loans, I think they have legitimate reason to be pissed off.
#23
Re: Paying back student loan
The terms and conditions of these loans may be more generous than those of loans to buy televisions and soft furnishings but, since the borrowers have no choice but to take out the loans and people only slightly older than them had no need to take out such loans, I think they have legitimate reason to be pissed off.
#24
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Joined: Mar 2010
Location: London, UK
Posts: 33
Re: Paying back student loan
The terms and conditions of these loans may be more generous than those of loans to buy televisions and soft furnishings but, since the borrowers have no choice but to take out the loans and people only slightly older than them had no need to take out such loans, I think they have legitimate reason to be pissed off.
I was feeling unsure about having to take out the loan in the first place, but my parents certainly couldn't afford to support me and as it was I was only just able to make ends meet with my loan and a part time job in the evenings and on Saturdays. Unfortunately, you have it drummed into you in 6th form college that University is the only way. If I had realised then that over 10 years later I would still be in debt, perhaps I wouldn't have gone, but as we were the first year of having the new system, no one really knew how it would pan out in the future.
To clarify I am not annoyed with the student loans company for the fact that I was forced to take out the loan (I am annoyed with the government for this). What does annoy me with the SLC is their complete inability to get anything right. since I have been dealing with them, I informed them 3 times of my change of address and they still kept sending correspondence to my old address. I have also not had a statement from them in 2 years despite repeated requests, so I don't even know where I stand with my loan at the moment. If they can't even cope with simple administrative matters while I am in the same country as them, I do worry about how things will turn out being separated by several thousand miles.
I had been told by a few people who had already done so that if you left the Country, you didn't have to continue paying, but as this is not the case, I will have to bite the bullet and keep on paying.
#25
Re: Paying back student loan
To clarify I am not annoyed with the student loans company for the fact that I was forced to take out the loan (I am annoyed with the government for this). What does annoy me with the SLC is their complete inability to get anything right. since I have been dealing with them, I informed them 3 times of my change of address and they still kept sending correspondence to my old address. I have also not had a statement from them in 2 years despite repeated requests, so I don't even know where I stand with my loan at the moment. If they can't even cope with simple administrative matters while I am in the same country as them, I do worry about how things will turn out being separated by several thousand miles.
#26
Re: Paying back student loan
I doubt people are "pissed of" (sic) at the SLC for the changes in government policy. I expect they are able to differentiate between being pissed off at the then government for changes in policy and being pissed off at the SLC for having the competence and public relations skills of a Canadian phone company. I don't blame them for either.
#27
Joined: Jul 2007
Posts: 2,139
Re: Paying back student loan
Since moving to Canada, I have spent more time than I feel is reasonable communicating with the SLC. The only silver lining to the whole issue is that, I believe your loan is written off once you hit the age of 65 (or retirement age, or something). They only need to keep dithering for another four decades or so.
#28
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Joined: Jun 2009
Location: Hubley, Nova Scotia (from Scotland via Yorkshire and London)
Posts: 1,190
Re: Paying back student loan
We have to wonder about their ability to track down someone who does not tell them they have left the country (not that I am suggesting anyone should do this, of course).
My husband has a student loan taken out as a mature student. Despite us filling in all the forms, telling them where he works, and where we live - and they send statements to our address - they are still not making deductions. If we were younger we would be worried, but as he is in his mid 40s, and the loan is huge, he will never pay it all back as it is indeed written off when you retire - or stop working for any other reason for that matter. So we wait and see.
My husband has a student loan taken out as a mature student. Despite us filling in all the forms, telling them where he works, and where we live - and they send statements to our address - they are still not making deductions. If we were younger we would be worried, but as he is in his mid 40s, and the loan is huge, he will never pay it all back as it is indeed written off when you retire - or stop working for any other reason for that matter. So we wait and see.
#29
Re: Paying back student loan
I doubt people are "pissed of" (sic) at the SLC for the changes in government policy. I expect they are able to differentiate between being pissed off at the then government for changes in policy and being pissed off at the SLC for having the competence and public relations skills of a Canadian phone company
#30
Re: Paying back student loan
It is actually very easy and, relatively, cheap. I used to do this all the time acting for creditors in England. We would trace people all over the world. This was before the days of Facebook etc. I would imagine that it is even easier now.