Student Loan Repayments

[jingo 38]

Hey all,

I'm starting to worry about student loan repayments. I'm not due to start mine until some time next year since I only just graduated, but being in the States without a job while I wait for my EAD means I don't have the head start recent grads are meant to have to save up some money.

Has anyone else had success in deferring their student loan repayments due to this same situation? Is there anything specific I have to say to the loan company in order to achieve this? And if it does get deferred, does it mean the interest will go up also?

Thanks for any info you can give

[Casprd 167]

You should be able to get the loan deferred as it is in their best interest to work with you so they get the money. The initial people you talk to on the phone may not be helpful but work your way up to a manager and you should get someone who can help. The interest rate won't go up unless your loan is structured that way, but the interest amount will certainly go up. You will start accruing interest the day the loan payments start so if you defer payments that interest keeps compounding.

[Robert&Karen 264]

I asked for a deferment and got it for three months for other reasons. It is a ONE TIME deferment so choose the use well. Later on I wished I had waited to use it.

[skiptex 225]

all loans have stipulations.. you have to call your loan holder to find out the options available to your loans.. they are not all the same and change from year to year.. and when you actually recieved them..

[xxxwabbiexxx 70]

Hi, I can help you I've been there, can you can answer my questions please??

Is through the UK Student Loan Company??

Are you going to be working in the USA???

If its through the Student Loan Company then you don't start paying back till you're earning 15000+ pounds, they calculate a similar threshold for foreign currency aswel, so at a guess you'd need to be earning $25000+ ish, thats just a guess off the top of my head. So if you're not earning that then you won't start repaying.

If you are going to work in the USA then its up to you sort of transferring the to the UK. If you're earning above or below, you need to send them proof of income so they can work out how much your repayment will be (if any)

If you're not going to work, like I don't, then you just need a letter from your husband/fiance saying that they provide for you financially and then you're account will be OK for 1 year, you will need to resend a letter every year.

[skiptex 225]

my bad.. thought you were US citizen..

[jingo 38]

all loans have stipulations.. you have to call your loan holder to find out the options available to your loans.. they are not all the same and change from year to year.. and when you actually recieved them..

Thats why I posted this in the UK forum.

Yes, its with the Student Loans Company and of course I'll be working, it will just take a while for me to find a job in my field (film/video).

So aerorobert, did you choose the 3 months or is that all they gave you?

[Robert&Karen 264]

All the loan folks offered was 3 months over the life of the ten-year loan. I could use them all at once or just one here and one there, or not use them at all.

[jingo 38]

All the loan folks offered was 3 months over the life of the ten-year loan. I could use them all at once or just one here and one there, or not use them at all.

How stressful. My degree definitely wasn't worth this! Haha

[xxxwabbiexxx 70]

I was only trying to help, no need to get rude how was I supposed to know that of course you'd be working, I was explaining your options as far as I know them.

You'll have to wait till aerorobert comes on to tell you about their point but if you don't actually have a job lined up and with the economy how it it, it may take a while to find a job, you can always send a letter to the Student Loan Company from your fiance saying he supports you financially, then you've got yourself a year, because lets face it, paying them back really isn't a priority in the grand scale of the whole immigration process, (just my opinion) and then when your circumstance change, you can get all the paper work together and they can calculate your repayments. Surely its better to give yourself a year than 3 months if you can do that.

Along with the letter you need to send a over seas assessment which you can get off their website.

[jingo 38]

I just can't imagine not working! I would die of boredom.

[xxxwabbiexxx 70]

I get that, I only don't work because my husband is in the Air Force and we've got the worst base on the planet, there's nothing here, the best restaurant in town is chillies so I cook, the mall has about 10 shops in it so for anything decent we have to drive 2 hours, and its a dangerous area so he said just wait till we're somewhere better, I'd love to work it does get boring but I'm not risking getting shot or raped on the way to my car.

I miss the safety of England but wouldn't be anywhere else!! Hope you manage to get a job in your chosen work field x

[jingo 38]

Thanks! Hope you manage to move somewhere safer too.

Has anyone else had experiences with deferring their student loans from the UK?

[JoannaV 174]

It's April that repayments start, right? First thing to do is make sure they know your US address. They were worse than USCIS at updating my address and it was just good my parents could get my UK mail

It's only once April comes around that you even need to send them the Overseas Income Assessment form. If you don't have a job at this stage you will need to tell them how you are supporting yourself: so could be savings or something but easiest just to get your spouse to write a short letter saying they support you. If you do have a job you will tell them your income and include proof. As you only pay a percentage of whatever you earn over the threshold I don't really think you would have a problem starting repayments. But if for some reason it is a problem you could include evidence of why and hope they defer repayment. (Although they are really bad at reading and replying to any additional information you include, so I kinda don't have much hope for you. But they're probably much better on the phone, I just refuse to phone them haha.) You don't need to tell them about a change in income until the following year, although if your income falls then you can ask them to recalculate your repayments.

The interest rate will not change, but it keeps accruing interest all the time. Until the day finally comes when it's all wiped clean haha.

[JoannaV 174]

Remember, because your loan repayments are income-contingent there isn't really any deferment process other than they are deferred if you don't meet the income level.