[pleccy2000]

I was wondering who has moved to nz and is actually paying off their student loan? How does the process work?

On the flipside who has emigrated and 'forgotten' to make any repayments?

[wanderingoregonian]

I also am facing student loans - in US dollars :( any info would be appreciated. I figured I'd just set up an automatic debit payment thing at the minimum amount from a US bank account.

[veronica]

have heard a rumour that if you live outside of the UK it is very hard for them to collect from you, and that the debt is written off after 7 years. BUT.....this could be an urban myth.

[Smiler]

deffo urban myth.

If you default they will pass it to a debt collection agency who will do their utmost to collect, plus expenses.

After 6 years the debt may be waived ( ie they'll give up) but you can still have CCJ's and a bad record etc and a credit rating in the UK that is the pits.

Not good if you want ( or need ) to go back to the UK permanently. It is easier to get credit here than it is in the Uk.
This replaces the long post I wrote that dissappeared. :mad:

Deborah

[Karen and Rich Matthews]

Hi Guys,

Got the news hot off the press, ring student loans, now honours loans in the UK and tell them you're emigrating. They need a letter from your current employers to say you're leaving and a copy of your flight tickets/visas etc. They will then put this on their system and once you get a job in NZ, inform them of your new pay details and they'll let you know if you're over or under the threashold which is currently just over £2000 per month gross.

If they don't hear from you after three months or haven't recieved any payments after three months, they'll pass it onto a debt collector who carries a piece of wood with a nail hammered into the end :D

I figure it'll be a while before I earn that amount of money so I've nothing to loose. I've also heard about the 7 year thing...not too sure f it's a myth, but when I worked for the loans dept at the Uni of Greenwich, loads of foreign students were doing just that and disappearing...wouldn't recommend it though.

Hope that helps

Rich

[Jason2112]

I also am facing student loans - in US dollars :( any info would be appreciated. I figured I'd just set up an automatic debit payment thing at the minimum amount from a US bank account.

If your student loans are government-funded (i.e. through the US Dept of Education), it's been my experience that they aren't very flexible in their repayment options. My suggestion would be to consolidate your loan(s) with another lender (i.e. Citibank) and make payment arrangements with them.

Also, there was a law passed recently in the US that allows the govt to collect on defaulted student loans indefinitely. In other words, you can't get out of paying on your student loans no matter how long you wait.

[wanderingoregonian]

yeah - I did the consolidation thing (how could I pass on locking in at 3.5% :yes ). If I just think about how the loans helped me get degrees that help me qualify as a skilled migrant it makes the thought of paying these off while earning NZ dollars a little less painful...

[Questor]

The loan is only written off when you get to either 50 or 55 I can't remember which

[Mildred]

The loan is only written off when you get to either 50 or 55 I can't remember which

I must find out if that is true. As Steve is 48 and only graduated about 3 years ago with a huge student loan does that mean he's only got to pay off 2 more years. Incidentally has anyone else found it impossible to get an annual statement off Student Loans Company?

[Questor]

From the Student loans company website - for loans if you started HE before Sep 98:

As long as you are not behind with your loan repayments, any amount remaining due under your credit agreement will be cancelled after 25 years or when you reach the age of 50, whichever is earlier. Or if you last borrowed from us at the age of 40 or over, we will cancel any amount remaining due under your credit agreement when you reach the age of 60.

I can't fins any information about the newer style loans, but I imagine (although possibly not) that they will be broadly similar

[Mildred]

Not so good then as he started his degree in 1999 and was in his 40's. Looks like he's got to pay the thing off for another 12 years.

I suppose the ideal age to start a degree in terms of paying the loan off is if you are 39!

[Mildred]

[QUOTE=frances]Not so good then as he started his degree in 1999 and was in his 40's. Looks like he's got to pay the thing off for another 12 years./QUOTE]


Frightening stuff, just looked at the website. If your degree was after 1st September 1998 then the following applies:-

Repayments on any loan that are not yet due will be cancelled if you die. If you have kept up your repayments, any loan you still owe will be cancelled when you reach 65 or if you become permanently disabled.

[cocteau3]

We Americans have it rough with the loan thing. The USDE will indefinitely keep you in debt. They do have a consolidation program offered through the USDE that has different types of repayment options. Probably it can be managed from abroad and one is an income contingent repayment option. Either way, it takes decades to get out of debt in the states unless you pull big bucks from your job.

[foolsgold99]

We all knew what we were getting into when we took out student loans, a university education greatly enhances your earning potential for the rest of your life. It's only right you should pay for it.

I think running away from debt is wrong, people should stand by obligations they took out. Don't know about the US, but in the UK, studen loans are dirt cheap, money and are goverment funded.

(and yes, I did pay off my student loans in full, about 4/5 years after graduating, started paying as soon as I started earning proper money)

[willsken]

I am just coming to the end of my loan and I to have been trying to get a statement. They don't have a clue what I have paid. I had a whole years worth of payments missing from the loan and they were trying to tell me I still owed 3500. I have all my wage slips since I started work and I know I don't own anything like this amount. I am having a very hard time getting the correct balance in order to pay it off.

I agree this is money we owe and should pay back, but they are making this difficult to do.

Also this sticks in my throat as I work with a teacher who qualified last year and has had all her loans paid off by the government. I see this as being VERY unfair. We both teach the same subject and yet here I am still paying it back at £175 per month 6 years on. The rules should be the same for all no matter what. :mad:

[cocteau3]

Loans in the UK sound really different than in the US. It doesn't matter how old you get in the US, the government will still expect their payments with full interest from you. There's nothing good about it, and it's funny how the english speaking world sports the puritanical values of paying your life earnings for school loans. Most EU countries don't charge for education, even to foreigners as long as you pass their language exam. Quite different values.

[Mildred]

Also this sticks in my throat as I work with a teacher who qualified last year and has had all her loans paid off by the government. I see this as being VERY unfair. We both teach the same subject and yet here I am still paying it back at £175 per month 6 years on. The rules should be the same for all no matter what. :mad:

Surely that can't be right. I know you don't start paying until you get to a certain threshold. My husband got QTS Status in 2004 and although he has sinced left teaching, is paying an absolute fortune each month in student loans which leaves us with little left for ourselves and the kids each month.

[willsken]

No really, it is right. I don't know if it is subject specific or not, but she has NOTHING to pay back at all. Even worse for another girl in my dept she missed the deadline by one month! Graduated the same year as this girl but did supply for a while which didn't count. It really really makes my blood boil! :mad: