One of my friends told me that they were going to live abroad for two years after finishing uni for the experience (and they have dual nationality), but it had the added bonus that being out of the country for that long would wipe out thier student loan. Surely that isn't correct is it?
Student loans and movings abroad.
I have heard similar but I bet it is a much longer period, plus you need to be untraceable I guess. Besides, don't take the loan if that is your plan as it is a c**ts trick.
They are already at uni and will be spending the loan to see them through it, not sticking it into an account and saving it as a deposit etc, it was an off the cuff comment that they wanted to come home for a couple of years after uni and their loan repayments would get wiped at the same time, so an added bonus.
go on a jolly for two years & we'll write off that £40k you owe us... oh & pigs fly too
i think it used to be a get out clause for the old student loans, but i had a look and it appears not to be possible anymore.
just make sure your friend tells them when he leaves the country as there is definitely a fine for leaving the country without telling them first.
I heard that they can recalculate the loan repayment for different earnings and You would still have to pay it off if You earn over certain amount abroad (but it's only something I heard from a friend so not 100% sure). Manager at my work had a student loan and is paying it off now, after 3 years You end up with something like 13-15k debt? He pays 20 quid off his wage a month At that rate his kids will have to make their kids pay off their grandad loan
and also +1 for what Tails said.
I'm working nights during weekends so that I can afford studying and not taking out the loan, no weekend partying for me but at the end of the degree I won't have a nice big debt to pay off.
iirc its something like 60 years (could be wrong here)
what you don't have to do is pay it off while you are abroad...
BUT... they'll still be adding 4.8% interest p/a.
i'm in the same boat btw.
think these days they want to know where your going and for how long, i.e. if it looks like you will hide from repayments abroad for the full 60 years, they will request it upfront before you leave...
you can defer, but not cancel the debt. you'll need to provide evidence of support anyway.
or you can be a bastard and hide, but then you cant come back.
or get a letter saying you earn 8k a year, then you don't have to pay back.
but cancel debt? you'll be lucky. they're wise to that one.
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