Fatmike85

Just starting investigating paying back student loans as I've passed the earning threshold this year ( its a tad low if you ask me, its as expensive as London where I live, without the salaries to match!). After reading a bit about it, it turns out I should have reported where I was the past year or so (whoops), I'm assembling proof of lack of income.

Anyway, my question is what is the cheapest way to pay what you owe? Meaning how do most people avoid excessive exchange fees/bank fees/transfer fees etc.? Are there any good services to handle this?

I still have an activate UK bank account, do I just use a service to transfer into that and have the SLC take it out from there via direct debit? Are there easier ways?

Many thanks,

M

sir_eccles

xe.com

BTJ

Try and transfer as many months worth of contributions in as you can at one time to avoid as many charges. And DD from a UK bank account seems sensible.

Weeze

Are your loans with HSL or SLC? Just I have recently had the misfortune to have to contact them from abroad and found it very difficult. I finally tracked down some working numbers if you need them. The numbers they provide go straight to a password protected bit and the email address isn't taking new messages.

Apfelkuchen

I don't know what HSL stands for but my loan is with the SLC. I rang them last week on the 'from outside the UK' number listed on their website and got straight through to a person without any time in the queue. The woman I spoke to was very helpful, too, although I have heard various stories from friends about ways the SLC has managed to screw their repayments up.

Weeze

HSL is Honor Student Loans. SLC sold some loans on to them.

Sue

I can't comment on other services, but I've been using xoom.com to send money to my son's bank account in the UK and have been happy with the service they provide.

Fatmike85

Thanks for the responses! Has anyone tried paying with a credit card that has no foreign transaction fee? I know SLC charges a 1.5% convenience fee, but that would be negligible.

RICH

I don't know the answer, but it likely depends on how much. If you are looking at $100 a month for the next 20 years, one answer. If $50k one off payment, another answer might be better.