You might need to grips together with your education loan repayments when you look at the UK, but what happens in the event that you move abroad? Do not bury the head when you look at the sand, get clued up with your complete guide.
It is the most commonly expected questions about figuratively speaking in the united kingdom - is it necessary to repay your loan in the event that you move abroad?
In summary, yes you do - however your repayments will no longer be automatic, and you will need certainly to place in the legwork and that means you do not get stung with costs (or even even worse) later on.
It could be a bit of a frustration to work through therefore we have slice the jargon and collected the known facts for you personally.
What’s on this site?
What are the results to your education loan once you move abroad?
If you should be going offshore for longer than 3 months you will need to get hold of the Student Loans Company (SLC) to sort down your education loan repayments.
As long as you're residing in the UK, you never really should consider carefully your education loan repayments, as HMRC takes the cash immediately from your paycheck every month just before also notice it - and provides it directly to the SLC.
When you move abroad, HMRC is not any longer in charge, and it's really your decision to share with the SLC simply how much you are earning and offer evidence for that. They're going to set your payment schedule appropriately.
It isn't too tough to organise either, you simply need to ensure you can actually get hold of the right documents.
The Overseas Income Assessment Form
You can easily inform the SLC about your residing situation and just how much you are earning with A overseas income assessment Form (OVFA) that you download through the SLC site.