Student loan repayment...?
 

Hey all - new to here and hoping for some help if you don't mind!

Basically I'm doing the final sums of a potential NZ move.
I've been offered a job in Wellington and one of the financial questions I'm struggling to answer is my SL repayment and the SLC are useless (having searched it appears most people feel the same) and give me no answers! :blink:

So basically, for $80k Gross, what would my SL repayment per month be? Each time I calculate it from the website info I get a different number :unsure:

Also, for those over there making this payment back to the UK - how do you find it best to do this? I shall have a UK account still open to honour a couple of other financial commitments.

Thanks in advance!
Craig

Re: Student loan repayment...?
 

Hey,


You'll need this http://www.studentloanrepayment.co.u..._FORM_EN_D.PDF and this http://www.studentloanrepayment.co.u...SHEET_D_EN.PDF


The earning threshold for a UK student loan when living in NZ is currently 17 775 GBP's which is equivalent of $35275.10 using their exchange rate which is calculated as an average.
You'd pay 9% of the difference between your actual earnings and this figure as a monthly payment to pay off the student loan which will probably also cost you something to actually make the payment.


If your salary is $80 000 per year then you'll pay 9% of the difference which is 9% of $44724.94 or $4025.25 per year.
Calendar monthly this is $335.44.
You'll also have to factor in that NZ salary is normally paid fortnightly so you'd have to manage putting the money aside each fortnight to make the student loan payment on time in the UK giving yourself 3 or 4 days grace for it to go through the system between NZ and the UK.


If you decide not to declare your NZ salary you will be charged at the minimum 246 GBP's per month to pay off the loan.

Re: Student loan repayment...?
 

Thanks for that. After going over things again that's the same as I got to.
Seems basic but when you spend so long dissecting numbers you're mind can go AWOL lol