You might need to grips together with your education loan repayments into the UK, but what occurs in the event that you move abroad? Never bury your mind within the sand, get clued up with this complete guide.
It really 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 not be automatic, and you should need to place in the legwork so that you aren’t getting stung with charges (or even worse) later.
It may be a little bit of a hassle to the office out so we’ve slice the jargon and gathered the known facts for you personally.
What’s on this site?
What goes on to your education loan once you move abroad?
If you should be going offshore for extended than 90 days then chances are you require to get hold of the scholar Loans Company (SLC) to sort away your education loan repayments.
As long as you’re located in the UK, you do not need to consider carefully your education loan repayments, as HMRC takes the funds immediately from your paycheck each month if your wanting to even notice it – and provides it right to the SLC.
When you move abroad, HMRC isn’t any longer in charge, and it is your responsibility to share with the SLC just how much you are earning and supply proof for that. They will set your payment routine correctly.
It is not too hard to organise either, you just need to ensure you can get hold of the paperwork that is right.
The Overseas Money Assessment Form
It is possible to inform the SLC about your residing situation and exactly how much you are making with an income that is overseas Form (OVFA) that you install through the SLC web site. Continue reading All About Repaying your education loan from abroad