Education loan ‘could secure you in court’ if you move overseas

Education loan ‘could secure you in court’ if you move overseas

Increasingly more graduates are searhing for work possibilities abroad but using a stint offshore as a reason in order to avoid repaying debt could have severe economic repercussions.

Going offshore to flee pupil debt may seem like a sure-fire option to avoid repayments but borrowers might be landed with fines, and sometimes even court procedures, when they don’t talk to the scholar Loans Company (SLC).

There’s a common myth among borrowers that stopping Britain will place a conclusion to loan repayments but buried into the conditions and terms regarding the loan agreement are international payment schedules. In a few full situations residing abroad may also increase everything you spend.

Within the UK, borrowers only make repayments if their earnings is above ?21,000. The same concept relates overseas, even though thresholds differ from nation to nation. Continue reading