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Paying my UK student loan from the US.

Paying my UK student loan from the US.

Old Nov 17th 2010, 10:35 pm
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Question Paying my UK student loan from the US.

This may be a common problem, but here's my situation:
Moved to the US in June 2008 on K1 fiance visa. Tried to fill out the overseas assesment form for repayments before I left but had no idea how much I would be earning for the next 12 months (the info they ask for) and certainly would not be earning anything into a UK bank account. When I called them, the response was repeatedly: "You must fill out the form before you leave". Helpful... so I let it be.

Anyway, 2 1/2 years later, married with a steady job, I'm thinking I'm actually gonna start paying this thing off. But now, I'm concerned that I'm going to get penalised for not declaring the money I've been making the last two 12 month periods. I also don't want to pay to constantly transfer money to a UK account (even Paypal charges).

Is anyone else in a similar situation or does anyone know if the SLC is open to you making regular card payments through their website instead? Its just that the only form they provide is not very sympathetic to my situation...
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Old Nov 17th 2010, 10:55 pm
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Default Re: Paying my UK student loan from the US.

I was not in that situation but was in the reverse one, paying off US student loans from the UK. They don't care how much you make there (you just have to pay regardless) but did require that the funds come from a US bank account - so a few times a year I had to transfer money over to my US account so it'd be there.

They do seem to address the issue of being overseas on their site:

http://www.slc.co.uk/contact%20us/cu...html#repayment
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Old Nov 17th 2010, 11:01 pm
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Default Re: Paying my UK student loan from the US.

Originally Posted by avanutria View Post
I was not in that situation but was in the reverse one, paying off US student loans from the UK. They don't care how much you make there (you just have to pay regardless) but did require that the funds come from a US bank account - so a few times a year I had to transfer money over to my US account so it'd be there.

They do seem to address the issue of being overseas on their site:

http://www.slc.co.uk/contact%20us/cu...html#repayment
They do address the issue, and if I just paid the money to transfer funds between accounts I can pay it the way they want me to, my real concern is if they are going to penalise me for my last few years of silence (even though I did not make enough to make repayments, you still have to notify them of how much you make).
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Old Nov 17th 2010, 11:09 pm
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Default Re: Paying my UK student loan from the US.

Originally Posted by tom_1984 View Post
This may be a common problem, but here's my situation:
Moved to the US in June 2008 on K1 fiance visa. Tried to fill out the overseas assesment form for repayments before I left but had no idea how much I would be earning for the next 12 months (the info they ask for) and certainly would not be earning anything into a UK bank account. When I called them, the response was repeatedly: "You must fill out the form before you leave". Helpful... so I let it be.

Anyway, 2 1/2 years later, married with a steady job, I'm thinking I'm actually gonna start paying this thing off. But now, I'm concerned that I'm going to get penalised for not declaring the money I've been making the last two 12 month periods. I also don't want to pay to constantly transfer money to a UK account (even Paypal charges).

Is anyone else in a similar situation or does anyone know if the SLC is open to you making regular card payments through their website instead? Its just that the only form they provide is not very sympathetic to my situation...
There's several threads about this subject spread across many of BE's forums. Use the Search facility located in the pink bar at the top of the page...go to Advanced Search. Please give me a shout if you need help locating them.
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Old Nov 17th 2010, 11:14 pm
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Default Re: Paying my UK student loan from the US.

Originally Posted by tom_1984 View Post
They do address the issue, and if I just paid the money to transfer funds between accounts I can pay it the way they want me to, my real concern is if they are going to penalise me for my last few years of silence (even though I did not make enough to make repayments, you still have to notify them of how much you make).
Well...if they do, they do, and you'll have to clear it up in order to pay back your loans anyway...and the longer you wait the more any penalty might be, I'd imagine...so why not contact them and ask?

I don't mean to be flippant, and I know this is a matter of concern to you, but it seems to me that in the end it's up to SLC and nothing anyone else says will change that..
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Old Nov 17th 2010, 11:17 pm
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Default Re: Paying my UK student loan from the US.

By the way, my low-cost method of transferring money might work for you if the circumstances are right. I found a bank in the US that didn't charge me to use my UK atm card to withdraw cash. I arranged for my brother (in the US) to have a card on my account and gave him a stack of deposit slips. A couple of times during the year I would email him and ask him to withdraw X amount from the UK account and deposit it into the US bank, and he'd go down to the bank after work and do it.
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Old Nov 17th 2010, 11:26 pm
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Default Re: Paying my UK student loan from the US.

Originally Posted by avanutria View Post
By the way, my low-cost method of transferring money might work for you if the circumstances are right. I found a bank in the US that didn't charge me to use my UK atm card to withdraw cash. I arranged for my brother (in the US) to have a card on my account and gave him a stack of deposit slips. A couple of times during the year I would email him and ask him to withdraw X amount from the UK account and deposit it into the US bank, and he'd go down to the bank after work and do it.
I was always planning to use paypal, but they seem to be sneaking in larger charges for their services. I guess fewer, larger transfers is the way to go, rather than lots of smaller ones. I also get a good rate of interest on my UK savings account, so the money could sit in there before it gets used.

And regarding your other reply, you are absolutely right; I will have to pay it anyway at some point (unless I wait it out til I'm 65 when it gets written off!). I have just read that on occasion the SLC decides to be rather mean and get you to pay the whole amount in one go as punishment. Hopefully I won't have pissed them off that much!
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Old Nov 17th 2010, 11:28 pm
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Default Re: Paying my UK student loan from the US.

Originally Posted by Jerseygirl View Post
There's several threads about this subject spread across many of BE's forums. Use the Search facility located in the pink bar at the top of the page...go to Advanced Search. Please give me a shout if you need help locating them.
I did find a few threads on student loans - just wondered if anyone had any other experiences to bring to the table regarding scary penalties. I shall delve further though...
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Old Nov 17th 2010, 11:29 pm
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Default Re: Paying my UK student loan from the US.

I forgot to say...kudos to you for wanting to pay off your debt.
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Old Nov 17th 2010, 11:31 pm
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Default Re: Paying my UK student loan from the US.

Originally Posted by Jerseygirl View Post
I forgot to say...kudos to you for wanting to pay off your debt.
That's the thing, I want to pay it, I just don't want to get in trouble for the incredibly short period of time that I didn't!
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Old Nov 17th 2010, 11:45 pm
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Default Re: Paying my UK student loan from the US.

We are trying to figure it out in reverse for DS He closed his US bank account when he moved to UK and needs to start paying his student loan next month. Talk about wait till the last minute. We are hoping his HSBC account will let him pay international bills online he has to find out. You think they'd do this seeing they are an international bank and there are a lot of US/UK citizens about who need this service it seems.
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Old Nov 17th 2010, 11:51 pm
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Default Re: Paying my UK student loan from the US.

Originally Posted by tom_1984 View Post
That's the thing, I want to pay it, I just don't want to get in trouble for the incredibly short period of time that I didn't!
I'd like to think if you're truthful and show that you are willing to pay you won't be penalised. Contact them and ask. Like I said take a read through the old threads.
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Old Nov 17th 2010, 11:52 pm
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Default Re: Paying my UK student loan from the US.

Originally Posted by Mummy in the foothills View Post
We are trying to figure it out in reverse for DS He closed his US bank account when he moved to UK and needs to start paying his student loan next month. Talk about wait till the last minute. We are hoping his HSBC account will let him pay international bills online he has to find out. You think they'd do this seeing they are an international bank and there are a lot of US/UK citizens about who need this service it seems.
They'll let you do it, they'll just charge you an arm and a leg for the privilege.
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Old Nov 17th 2010, 11:53 pm
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Default Re: Paying my UK student loan from the US.

Can he open a new US account online? I did that with my bank when my old one couldn't graspt the concept of someone living overseas. I used my brother's house as a mailing address.
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Old Nov 18th 2010, 2:17 am
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Default Re: Paying my UK student loan from the US.

Originally Posted by tom_1984 View Post
They'll let you do it, they'll just charge you an arm and a leg for the privilege.
Crap.
Originally Posted by avanutria View Post
Can he open a new US account online? I did that with my bank when my old one couldn't graspt the concept of someone living overseas. I used my brother's house as a mailing address.
Thats an idea he can still use our address.
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