Job Discussion Forums

paulmanser · Joined: 28 Nov 2005 Posts: 403

Hi guys,

This regards me.....

ok, When you finish university you leave with a student debt of something like 12 to 16 THOUSAND pounds. 16000 example,

You dont pay it back until you earn 15000 pounds per annum when you get your job the following April. It gets cleared after 25 years whether you pay it back or not.

How will they work out the money when your abroad?

When I enter the world of TEFL in Poland/China, will they still take so much off per month, considering you earn 600 pounds per month?

best paid is Sotuh korea with 2000 dollars per month, yet thats just about 1200 pounds per month.

Anyone know?

p.s No im not going to stay in the UK and spend another 3/4 years paying it off, I would be better off joining the British army otherwiselol.

hellsbells · Joined: 28 Aug 2004 Posts: 16

Hey,

I have an "old style" loan that I don't have to pay back until I earn over 2 grand a month (not likely to happen for a while), so thus far it's been the case of them sending me a letter to my registered English address once a year, and me filling in the deferment form - sending off payslips in a language they clearly can't understand - and waiting for them to approve the deferment. It's been a minor hassle, but nothing huge.

If you do earn enough to start paying it back - then I think they expect you to, whether you're in the country or abroad. Best thing is to contact them directly. They can be pretty damn mean - and are very ready to threaten court action if you don't fill in the paperwork on time, which I'm sure is fairly stressful. And presumably at some point you're going to want to go back to the UK?

Good luck...

paulmanser · Joined: 28 Nov 2005 Posts: 403

I dont really plan on coming back to the UK........

lifetime commitment.

Would I ever get away with the loan without paying a penny? lol

or am I kidding myself? Laughing

They say (studentfinancedirect), that you have to keep them updated regarding your address, whether UK or abroad in any country.

saint57 · Posted: Sat May 20, 2006 3:55 pm Post subject:

Do these loan acquire interest during the period that you don't have to pay them back?

I'm in Canada and my best friend's mother told him not to worry about paying back his student loan. She said no one does it. He didn't and never heard a word from them. One day he went to the bank to try to get a credit card. The woman at the bank was shocked by his stupidity. She told him that he couldn't even think about getting a credit card or loan from them for at least seven years. My friend used his inheritance to pay the full loan right away. However, he's still screwed for at least four more years. He has been in China ever since. The moral of the story is you can't plead ignorance if they don't contact you about your loan. Finally, some day you will want to return to the U.K. so don't screw yourself.

cameron.mayo · Joined: 13 Mar 2006 Posts: 81

saint57 · Posted: Sat May 20, 2006 5:19 pm Post subject:

Ariadne · Joined: 16 Jul 2004 Posts: 960

Okay, I'll be the one to suggest that we all have a moral obligation to repay our debts. It doesn't matter whether they will 'catch' us. I think that reneging on a loan is basically the same thing as stealing, and don't we all hate thieves? Why is it bad to steal a bike or computer from a teacher, but it's okay for the FT to ignore their debts?

.

saint57 · Posted: Sat May 20, 2006 10:37 pm Post subject:

Mchristophermsw · Joined: 14 Apr 2005 Posts: 228

I agree dont burn your bridges! Always have a Plan B.
Ya never know what migh transpire and you ended up coming back.

I will say, like you I do not plan on coming back to the US and live ( Vist, yes. But not to live). My quality of life will be much higher over seas to even consider it ( But, that is because I am doing some foundation work and organizing myself financially to make this happen).

Anyhow, it really is your choice but it is good advice to cover your bases.

I know you will make the best decision for your specific circumstance.

Blessings
Michael

Ariadne · Joined: 16 Jul 2004 Posts: 960

St.... So where exactly do we draw the line? Debt owed to a government can be ignored, but debt to a private company should be repaid? What about the companies who have business dealings with governments? Is it okay to refuse to pay my VISA bill because government employees often use VISA cards for business travel expenses?

Maybe you feel that education SHOULD be free, but the fact is it's not free. The only one who benefits from lack of repayment is the debtor. Others will have to pay for that lack with higher prices and stiffer qualifications.

.

saint57 · Posted: Sat May 20, 2006 11:42 pm Post subject:

I say pay all debts because you need to keep a good name. I just wouldn't go so far as to label someone a thief if they try to do such a thing.

paulmanser · Joined: 28 Nov 2005 Posts: 403

student finance direct say there is no interest at all but I bet there is. They have to make a profit somewhere.

Even if I stayed in the UK after university doing a crap job for 25 years getting paid 14999 per year they cant touch me.

UK student loan = cleared after 25 years whether paid back in full or not, must earn 15000 a year, even then they take a maximum of 35 pound sper month

I wont be going down the illegal road as I'm too *by the book* type but living abroad and earning just below 1000 (which in say Chna/Poland is quite a bit). I will give them my details on new address ect just to avoid court action, since they must threaten this.

There is nothing illegal 9according to Uk stduent loan) about going abroad for the rest fo yoru life ect. They say you must keep them updated regarding your details (contact details, pay slips ect) one per year.

Evil or Very Mad

uni should be free besides accommodation I surpose.

thrifty · Joined: 25 Apr 2006 Posts: 1665 Location: chip van

There is no interest. It is self supporting because it was set up with a large govt grant which they do not have to pay back. Interest in the form of inflation is added but it is not called interest. The running costs are paid out of this.

Do you seriously expect us to believe that you are going to live and work abroad for 25 years or more based on no experience of TEFLing? The grind and low wages plus your relative constantly getting letter from the student loan compay will get you down. With cheap electoral roll software they can find out who your relatives are and where and you will get demands at their address-you will be a pariah.

paulmanser · Joined: 28 Nov 2005 Posts: 403

me saying going abroad for 25 years was hypothetical. A *what if* scenario.

Getting letters wont get me down because it would be only once every year and the loan will be cleared after 25 years anyway.

Anyway ppl in the UK when finish degrees get a job below 15000, unless your in London working with their media studies/wine studies degree at call centres............

One reason why to TEFL aye.

studentfinancedirect only wish for you to keep them updated with address details ect. even if you do earn 1000 or mroe you pay 30 per month according to their repayment scheme.

saint57 · Posted: Sun May 21, 2006 3:31 pm Post subject:

I agree with thrify. Right now you are super-hyped because you're going on a great adventure. The novelty wears off somewhere around the two year mark. You will begin to look for something more satisfying than what most TESL teachers do. However, you won't get the better positions without upgrading your credentials. Upgrading your credentials costs a lot of money and requires lots of effort. Thrify has engaged in professional development but continues to hold the kind of position that most people get sick of and leave. Read his bitter posts and you'll see what a career in TESL without growth looks like. As I've said before, a career in TESL is possible but you'd better prepare yourself to leave the "run of the mill" TESL jobs before you burn out.