Student Loan Abroad Wiped

The exact same happens when you re living abroad.

Student loan abroad wiped. Last december the scottish government announced changes to when the loans are wiped which mean many will clear what they owe sooner. What this means is that no matter how much of your loan you have repaid. When your student loan gets written off depends on which repayment plan you re on. If you go abroad and are no longer within the uk tax system hm revenue customs hmrc can no longer be involved in your student loan repayments and the student loans company slc takes over.

You ll have a plan 2 loan if you started uni since 2012 in england and wales. If your salary is above a certain amount. Your debt is wiped but alas this is just not true. In the uk that amount is currently 18 935 if you started your course before 1 september 2012 plan 1 or 25 725 if you started it afterwards plan 2.

Student loan agreements are simple contracts and this gives the student loans company slc 6 years from the date you last paid or acknowledged the debt to go to court to enforce the agreement. There are two sorts of student loans and different rules apply depending upon when you took out the loan. You are required to pay your loan back from abroad. Remember it s the country in which you lived in at the time you applied for your student loan that determines when your loan will be wiped.

If you go overseas for more than three months you must let the slc know their contact details and online form can be found on gov uk. The student loan has been set up as a contract. When you re living and working abroad you have to repay your student loan under the same conditions you would if you lived in the uk. Living in the uk you would pay back 9 of anything you earn over 26 575 a year you can see the full breakdown in our guide to student loan repayments.

The changes are noted in the table below. But surely you can just hide.