Korean Job Discussion Forums

[0916]

I fell for the old wives tail that if you are outside the EU there's no need to pay back.

However, if your are earning over 9,000 pounds per year here then you need to pay 9% of anything earned over that amount.

Is everyone else aware of this? I don't know if I should contact them or wait until my first year is done and then call them from the UK and tell them I am going to Korea and have been unemployed for a year...

I've heard they can recall the loan if they find out you have been away and not repaying, although I doubt they'd do this if it's only been 9 months or so...

[mrsquirrel]

Thankfully I am on the old system and I don't have to pay it back until I earn over 25k a year.

For you unfortunates that have to pay it back at 9,000 pounds because you work in Korea bad luck.

As far as I know you have to transfer the money back to your UK account to pay it back.

How much do you owe (rude I know but I am interested in how much loans have gone up since I left uni)

[0916]

To be honest, I don't know. I never really think about cos I have a bank loan and credit cards to sort out 1st. Probably about 14-15 grand...

I'm tempted just to wait until I go home in the Summer and then call them to say I'm just about to go to Korea to teach... Or maybe I'll just sort it out now and maybe have to pay them some money now...

[Whistleblower]

I transeferred money from my Korean bank to Barclays. It was pretty easy actually and I made a 1000 pounds voluntary contribution each month for 4 months. It was nice feeling to not feel the need to worry about paying back money that I owed.

It was very simple and if you work hard, you will be able to pay your student loan back. I would rather pay back the student loan back rather than sooner as the debt crisis is among us and interest rates are going to double in a year, you can be sure of that. What does that mean to you? The student loan that you had will be earning too much interest and you will need to pay back more.

So the steps to make your voluntary contribution are these:

1. Transfer your money to a UK bank.
2. A few days later, phone the Student Loans Company.
3. Pay a set amount each month using a voluntary contribution with the SLC.
4. Celebrate when you have paid it all back.

You can also phone the SLC and ask for a current balance for your loan.

[0916]

So had you already moved here when you called them?

I'm wondering because there are possible penalties if you don't inform them you are moving overseas before you go.

[mrsquirrel]

When did you graduate?

The loans didn't use to kick in until April the following year. Not sure about now since your employer is meant to put through your loan repayments from your salary.

[0916]

I graduated 4 years ago. I have occasionally paid through my salary when I was in the UK in the (very rare) months that I earnt over the threshold!

[mrsquirrel]

Not too sure then.

Do they still think you are employed in the UK then but earning under the repayment limit?

They will contact you 8 weeks before the next yearly cycle comes up and tell you what you need to do. I presume that they still offer deferment papers that you sign and send back with proof of earnings etc.

They told me that they didn't care where the letter was sent to UK address or Korean just as long as I got it and signed it.

[seoul101]

Whistleblower, I was under the impression that UK student loan interest rates are set to match the current inflation rate. If this is the case, it would be more effective keeping your money in a savings account and accumulating interest above the inflation rate (currently around 3%) - then paying it off sometime later.

I've not bothered paying any of mine back yet, and have no plans to pay it back for a while.

[mrsquirrel]

[0916]

Mr Squirrel. Was the 100 quid a fine or what you owed?

I read that if they find out you have been away without telling them they can really fine you or even recall the loan. I'm ok with paying them anything I owe (I should have checked the terms of the loan but you take it it out when you a pretty much a kid) but I don't want to get really screwed over by them.

I imagine I will be ok with it only having been 9 months and me owing them so little, if anything...

[mrsquirrel]

what I owed.

If you don't have enough money in the bank your bank will hit you with a direct debit fee as well/fine.

[hugekebab]

[hugekebab]

[hugekebab]

p.s if youve already tol.d em you are coming here do two things.

1. only tell em your basic (just get your school to send a letter confirming your salary (that way overtime is yours and not the scots.)

2. the payment is actually f all if you earn 2.000000 a month it comes to 24 quid.