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Student loan repayment from overseas

If you move back home and have a student loan to pay off, how does that work? You will be asking the same question if you’re moving away from the UK after your studies and you’re wondering how the change of scenery will affect your repayments. Well, we've had a look into student loan repayment from overseas to make things easy for you.
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Overseas

If you’re overseas for greater than 3 months, you have to complete an Overseas Income Assessment Form so that your repayments can be calculated. This form asks for information including your personal circumstances and you’re likely income. You’ll also be asked to provide evidence of any income or your means of support.

Student loans company

According to the Student Loans Company’s official site studentloanrepayment.co.uk, they will send you a repayment schedule showing how much is owed per month. This repayment amount is based on information gathered about your destination country so it should make financial sense, particularly if you’re moving to a country which has a low average income compared to the UK.

Overseas Income Assessment Form

You’ll need to visit the Student Loans Company’s official site studentloanrepayment.co.uk to get the Overseas Income Assessment Form. The form only needs completing and returning when your account needs to be repaid. This happens in April following your graduation or on the date that you leave your course if you end your studies early.

What happens if your income changes while you’re overseas?

In normal circumstances your repayment amounts are fixed for a 12 month period but they can be changed if you apply for a reassessment. This could be necessary if you find that your income level changes or if you move between countries which have different thresholds. There’s a number to call which you can find on studentloanrepayment.co.uk, where you’ll also find more info on the subject.

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