Graduates could face student loan penalties for travelling abroad


An article on thisismoney.co.uk talks about how graduates who move abroad for more than three months without letting the Student Loans Company (SLC) know could be forced to pay penalty charges.

Depending on where the graduate lives, the company can `demand payments of up to £350 per month`. It can also fine graduates £150 if they fail to inform the company of their whereabouts.

According to the SLC, more than 13,000 graduates living overseas have been fined in the past 12 months.

Graduates living in the UK currently pay 9% of all earnings above £15,000 towards their student loan. However, this amount changes depending on where the graduate travels to. In Denmark, for example, graduates are only required to make payments towards their loan when their annual income totals £21,000 or more.

If the SLC isn`t informed before a graduate travels, the individual will be liable for a `monthly default repayment` – which varies and could be significantly higher than their normal loan repayments.

thinkmoney.com

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One Response to Graduates could face student loan penalties for travelling abroad

  1. Pingback: Tweets that mention Graduates could face student loan penalties for travelling abroad | Student Abroad Magazine -- Topsy.com

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