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Cancelling your student loan

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
edited March 27 in Work & Study
Is it true that if you're out of the country for a certain amount of time they cancel your loan?
Post edited by JustV on

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    .
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    No it is not true.

    They make you pay it from abroad.

    Moving countries does not exempt you from debt. Becoming bankrupt does not exempt you from this debt.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote:
    No it is not true.

    They make you pay it from abroad.

    Moving countries does not exempt you from debt. Becoming bankrupt does not exempt you from this debt.

    Hmm off topic but if you leave and go live in kazakhstan or something would they actually track you down?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    .
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I thought the repayment only applied to EU countries myself? I'll have to check on that. I plan on leaving the country regardless, but I'd be interested to see if I'll be paying it back while in Siberia.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Pretty sure you have to pay it back regardless. You can defer in special circumstances, but not sure that's one of them.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I'm pretty sure that if you're over 35 or so and you still haven't found a job paying over 12k a year, they cancel it. I think the logic is that if you're still that much of a waster at 35, you're never going to pay it back so they may as well not bother wasting their time trying to pry the cash out of you.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
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  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    If you moved abroad to a country with a weak currency then you are much less likely to earn over the threshold...
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    There used to be a loophole that allowed you to cancel the debt if you declared yourself bankrupt. But AFAIK they've closed it up now.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Randomgirl wrote:
    If you moved abroad to a country with a weak currency then you are much less likely to earn over the threshold...

    Yep.

    If you move, and you don't tell them, you are committing an offence. And whilst they might not catch you in Bongo Bongo Land, they will catch you at Gatwick when you come home.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Haha it's just what I heard as I'd like to work abroad for a while.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote:
    Yep.

    If you move, and you don't tell them, you are committing an offence. And whilst they might not catch you in Bongo Bongo Land, they will catch you at Gatwick when you come home.
    Yes... but as long as you tell them you should be ok. When I go to Brazil I will be there for pretty much all my working life I hope and will probably earn peanuts when the salary is converted back into pounds stirling. So I should get away with it :thumb:
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