Moving overseas. How you repay your loan (now closed) Watch

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Student Money Week 2017
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Thinking of travelling or living abroad after you finish studying? Pauline is here to answer your questions about repaying from overseas.


SFE Advisor for this Q&A

Pauline de Pellette, Senior Manager, Repayment

Pauline is the Student Loans Company’s Senior Repayments Manager. She’s responsible for the recovery of overpaid grants, loans and overseas customers whose accounts are in arrears.
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colourful lamb
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Hi Pauline.

I am moving to Shanghai to begin teaching English in March. I will be abroad for at least a year (it's a years contract). Will I have to pay back my student loan whilst I am away from the UK?. I will be paid in RMB into a Chinese bank account. Do i need to notifiy the student loans company that I am going away? Could you outline the process and your policy with regards to this please

Many Thanks
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Sazzy890
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How long do you need to be travelling or living abroad to have to contact student finance about it?
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CJ
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What can students that are travelling long term to if they won't have a fixed address overseas? Does that matter

Also, if someone moves overseas will they still receive annual statements?
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Oblongs
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Hello Pauline, I am planning on enrolling into a language course in Japan for next year. It will be at least a year before I return (though I plan to stay longer). During this time I am hoping to find some part time employment. Could you please go through the steps I would have to take in order to ensure I can travel / live abroad and pay back my student loans from overseas through a Japanese bank account?
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Pauline De Pellette
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(Original post by benthelamb)
Hi Pauline.

I am moving to Shanghai to begin teaching English in March. I will be abroad for at least a year (it's a years contract). Will I have to pay back my student loan whilst I am away from the UK?. I will be paid in RMB into a Chinese bank account. Do i need to notifiy the student loans company that I am going away? Could you outline the process and your policy with regards to this please

Many Thanks
Yes, you will need to repay your Student Loan whilst you are residing overseas if you are earning above the threshold which is determined by the country you are living in.

What you need to do is:


· You need to notify us if you are going overseas for a period of more than 3 months.


· When you notify us we will send you an Overseas Income Assessment Form and you will be required to return this with evidence of your income to enable us to calculate if/how much you need to repay.


· Your monthly repayments will be based upon the earnings threshold for your destination country.


· If you earn under the repayment threshold you are not required to make repayments but you still have to return your form with income evidence to show this.


· You would be required to complete an Overseas Income Assessment Form annually if you remain overseas for more than the year.

It is important that you send us the information we need, otherwise a fixed repayment schedule will be set up for you. In other words, if you advise you are going overseas and do not return the Overseas Income Assessment Form with the supporting evidence, then we will assume you are living overseas and that you should be repaying your loan. The fixed repayment schedule is generally £246 per month which is the amount your account will show that we were expecting you to pay. If this amount is not repaid, then it will be considered a missed payment and your account will go into arrears.

It would be at this point that SLC Collections department would start pursuing you via letter and telephone to repay this amount.

Further information on this and on how to repay your loan from overseas can be found on our repayment website www.studentloanrepayment.co.uk. The repayment website also includes information on the thresholds for countries overseas including China.

Good Luck in Shanghai
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Pauline De Pellette
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(Original post by Sazzy890)
How long do you need to be travelling or living abroad to have to contact student finance about it?
If you know you are going to be overseas for 3 months or more prior to leaving the UK you should notify the Student Loans Company (SLC) before you leave. Otherwise, you should notify SLC as soon as you become aware that you will not be returning within 3 months.
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Pauline De Pellette
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(Original post by Oblongs)
Hello Pauline, I am planning on enrolling into a language course in Japan for next year. It will be at least a year before I return (though I plan to stay longer). During this time I am hoping to find some part time employment. Could you please go through the steps I would have to take in order to ensure I can travel / live abroad and pay back my student loans from overseas through a Japanese bank account?
Hi
In my response to Sazzy890 I detailed the steps you need to take with regard informing Student Loans about moving overseas, the documentation you need to complete and return annually and how your monthly repayments amounts would be calculated, which I hope you will find useful. In response to "pay back my student loans from overseas through a Japanese bank account". You can make repayments using a debit card from a Japanese bank account via SLC's Repayments website. SLC accept most major Debit cards and you can view a list of these on our Repayments website www.studentloanrepayment.co.uk
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Pauline De Pellette
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(Original post by CJ)
What can students that are travelling long term to if they won't have a fixed address overseas? Does that matter

Yes this matters, as you will be required to update us with information on your earnings annually and SLC will require an address to send an overseas assessment form to. Prior to going on your travels you should supply us with details of a 3rd party contact for SLC to communicate with in your absence. You should always ensure that the person you nominate as your 3rd party contact is aware that SLC will be using their address to send you your statements and forms for completion.

Also, if someone moves overseas will they still receive annual statements?
Yes, they still receive annual statements
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Clare SFE
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Thanks for all your questions!

For more information on repayments you can visit our dedicated student finance zone or our repayment website.
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