Bordino

Hi Folks,

The moving day is fast approaching and everything I own is either boxed up, or up for sale.

Currently in the uk my student loan payments come straight out of my pay every month.

Now when I was a student there was a story floating around, if you move outside the UK then you are not obliged to continue paying the student loan. As with all things that sound to good to be true, I feel that this is a good example.

Has anyone had any experience of this?

adele

You have to continue paying it: http://www.studentloanrepayment.co.u..._schema=PORTAL

I fill out the form each year and they write back and tell me what the monthly repayment amount is. I have mine set up to be taken from a UK debit card to avoid exchange fees and fluctuations.

beckiwoo

Not true

You need to complete an overseas assessment form and a copy of your bank statement or details of the job your doing.

Im going out on IEC and as I probably won't have a job straight away, I can do the overseas assessment form. If I get a full time job (excluding bar work and minimum wage staff) then I will look at repayments.

I believe the threshold for the Canada is something like £19,600 ( you need to earning the equivalent of that in $$ before they take money off of you) or you can set up direct debit and do voluntary payments

Dashie

The rules for repayment are the same regardless of where you live. I complete and return the same deferment form I did when we were still in England. The income threshold is the same in pounds, but can effectively fluctuate with the exchange rate. I have a feeling that you have to maintain a UK bank account for your repayments, but I'm not 100% on that.

adele

You can use a foreign credit card either, although you will be at the mercy of fees and exchange rates.

beckiwoo

This might be useful for the OP. This is for plan 1 for the old style loans where the UK theshold is £15K, if you want the new style loans where threshold is £21K then your on plan 2.

I think they have changed this since I last looked at the minimum earnings have changed. Under Canada it now says £20,290

http://www.studentloanrepayment.co.u..._schema=PORTAL

Vulcanoid

The repayments are based on cost of living, not exchange rates. There's a table for how much you have to earn before you start paying - if you move to Canada (high wage, high cost country) it's around £20k, if you move to French Polynesia (lower cost) you repay when you ean over £3k.

Repayments threshold table

Bordino

Thank you all, I will go through the links and the comments to get it sorted.

Bordino

beckiwoo

Erm...you have posted the exact same link I did before