Korean Job Discussion Forums

RoryB · Joined: 21 Jun 2007

Anyone know what the deal is with repaying UK student loan while working in Korea? I may be here for a few years so would rather delay payment and keeping the debt while I stick my money in higher interest savings accounts.

valkerie · Joined: 02 Mar 2007 Location: Busan

Basically you have to earn under the amount they set each year to qualify for a deferment. Depending on your salary and the exchange rate at the time you apply it is possible to do what you want to do.

This has worked for me for 7 years in Japan as the yen has lost so much value against the pound.

Biggest hassle is making sure they send you the forms to apply to defer. Their computer system isn't set up for foreign addresses and they seem to send things by sea mail!!!! Make a note of when your payment is due to start and keep payslips.

Edit: just realised you may be asking about how to defer before you start work in Korea..... maybe you could get an estimate of first 3 months salary from new company and use that.

mrsquirrel · Joined: 13 Dec 2006

You can print your own payslips and use them if you want.

They don't really care,

nick_shawyer · Joined: 17 Jul 2007 Location: Seoul

i graduated 1 year ago and they haven't asked me to start paying back any money yet, so I haven't started. I think unless u were already paying it won't be an issue, because they probably don't keep track of what is going on abroad and your pay doesn't go through the UK tax system, so how would they know if you've gone over the pay threshold?

LL Moonmanhead · Joined: 21 Mar 2005 Location: yo momma

I graduated back in 2002 and haven't paid back a single penny. Cool

applesandshanana · Joined: 09 May 2007 Location: Michigan

nick_shawyer · Joined: 17 Jul 2007 Location: Seoul

in any case, you would have to earn about 32,000,000W annually to have to start paying back your loan, if you've just got your average teaching job i don't think you will go over that amount

RoryB · Joined: 21 Jun 2007

So if I just contact them and say I am going traveling for an undetermined amount of time that should be fine?

semphoon · Joined: 18 Nov 2005 Location: Where Nowon is

I would contact them and ask about deferring.

BS.Dos. · Joined: 29 Mar 2007

Graduated in 2005 and haven't paid a bean back yet on the �16,000 I owe.

valkerie · Joined: 02 Mar 2007 Location: Busan

Wah, just realised I graduated in 1994 and have only ever made 2 payments!!!

Hanging on for when I am 50 and it is written off Laughing

I really wouldn't advise anyone to lose contact with the loan company, as it is easy enough to defer if you can prove your income (or lack of). No idea how travelling would work re deferrment.