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Anyone paying back a UK Student Loan?

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  1. #11

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    Jeez, just make full disclosure and pay the thing off!!!

    I think the student loan system is a good thing, it makes students who only want to attend university for a term long doss think twice about wasting resources. Besides, in theory, with a uni education you should be earning more than enough to pay it off eventually, and you only start paying when you can.


  2. #12

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    I'm paying mine off, as I may want to return to the UK at some point. It's not worth having it hanging over you. The 9k threshold is wrong though.

    Ray: I agree, except for the last bit. You don't start paying when you can, you start paying when they tell you to.


  3. #13

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    I think Ray meant you start paying back when you're earning over a certan threshold, so can afford to. In the UK the £15k threshold is reasonable.


  4. #14

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    when i had $50,000 CAD in student fees (many, many, many years ago), we got a 6 month grace period from when we finished uni to find a job, then it was all set out on a monthly basis. no earning threshold... just an amount you had to pay no matter what. they did have a possible 18 month grace period if you lost your job etc but you could only apply for that once for the entire duration of your loan tenure.

    it took me 6 years to pay it of, which is about 3 years faster than if i'd stayed in canada... and MAN, did it ever feel good when i'd sent the last payment through!


  5. #15

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    Quote Originally Posted by ray98:
    Jeez, just make full disclosure and pay the thing off!!!

    I think the student loan system is a good thing, it makes students who only want to attend university for a term long doss think twice about wasting resources. Besides, in theory, with a uni education you should be earning more than enough to pay it off eventually, and you only start paying when you can.
    The opposite can actually be true. I've hard of lots of ppl who start a course just to get a loan!!

  6. #16

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    Quote Originally Posted by leedseagle:
    i think you're right. it is in effect written off if you leave the uk and never return though. it just sits there, but if you're earning abroad, they won't know. i know someone who is doing this. educated in the uk, then moved back here and has just left it. no morals!
    I'm sorry, but this is absolutely not true.

    It is POSSIBLE they may never crack on that you are not in UK (very unlikely though if you are away for years and years), but they will not write it off.

    If they DO find out you've been out of country and working without telling them (note they don't need evidence they just need to think this) then they will demand full payment. IF you don't pay then they you will be committing a civil offence with jail time. I.e they will pick you up when you arrive back in UK at airport. Even worse... apparently they can also have you arrested and repatriated by whatever country you might be in .

  7. #17

    Hi All!

    I'm about to begin paying off my UK student loan too and was wondering the best way to do this.

    Should I complete the Overseas Income Assessment Form as stated on their website? I don't mind making full disclosure but as I didn't tell them that I was leaving the UK (2 yrs ago).... am just worried that they would give me some sort of penalty or make me repay the loan in one go once I submit the form! Has anyone been in the same situation or know whether this is likely to happen?

    Also, do they make u repay on a monthly basis like if you were in the UK? I think there's a charge each time my bank issues a bankers draft..is there a cheaper / easier method? Can we make our repayment once a year (that equals to 12 months of repayment)?

    Would appreciate your advice on the above!


  8. #18

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    Mellow Yellow

    Have you been earning over the threshold the past 2 years? If not, then just tell them this. If you have been then just play dumb, say you didn't know how to go about repaying whilst you were abroad etc but now have all intentions of repaying the amount you should be. I guess they might make you pay back what you should have done over the past 2 years, but they might well agree to an affordable repayment plan. When I first started paying back my student loan the repayments were nothing anyway, about £20 per month, it's only once you're earning quite a bit that the repayments rack up.

    I think it's very unlikely they'll demand repayment in full immediately (unless they think you have the means to repay in full now, and if you do why not repay it now anyway and save the interest?). I doubt the student loans company will go down the route of criminalising people in this situation, ultimately what they want is the money back, and throwing people in jail is not the way to do this, especially those who've shown a willingness to repay.

    FYI in the UK if you're paying it back by PAYE your repayments are only applied to the loan annually. I'm sure you'll be able to make an annual payment.

    If I were you I'd contact them and ask your other questions.


  9. #19

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    mellow yellow:

    They may bump your interest rate a bit (possibly already been done). They asked me for monthly repayment, but I just gave them a year's worth in one go. No problem.


  10. #20

    hey thanks for the advices beanieskis and sigga! will send off my form this week..