nope, i have duel nationality, and i should ge a tax rebate
. any income gain outside the uk does not get taxed.Student Loans
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nope, i have duel nationality, and i should ge a tax rebate
. any income gain outside the uk does not get taxed.
For the record:
As a condition of giving out a mortgage was for part of the deposit to be used to pay off the (cheap, low interest) student loan and replace that money with a larger (more expensive, high interest) mortgage. Therefore the bank would be making interest off a larger amount.
Last time I looked into this (2006) it was 25 years
Even if you work outside the UK, you have to pay. They will ask for your annual income and bill you.
If you lie about your income (by showing fraudulent documents of unemployment or lower than actual wages) or don't respond, then you're just stealing from the government. Imagine if everyone did this, the amount of money stolen from the taxpayer would be unthinkable. £20k-£30k + interest for every student.
If however, you genuinely earn below £15,000 or are unemployed for 25 years, then yes it is written off.
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If they file with HMRC, then they have probably been paying back automatically. As the SLC collect direct from them where possible.
For example, I'm someone who is doing a Masters degree. SLC sent me a letter because I wasn't employed and also not claiming any benefits of any kind. So they basically asked if I was living abroad, if so would have to show unemployment documents from that country or give evidence of income from which they can calculate the correct payments.
In the UK for students under the new tuition fee loan system, they pay via PAYE when earning over £15,000 pro rata.
As for the OP, the interest rate should literally be zilch.
Here are the interest rates (which are determined by RPI in March in the preceding year, except where the BoE rate drops 1% below RPI).
http://www.slc.co.uk/statistics/facts and figures/previous_interest_rates.html
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After 25years the loan disappears i think.
Sounds like a pants deal. Why would anyone agree to that? I've got a significant debt against me (studnet loan) but had no issues getting a mortgage.
My understanding of it is that the bank made it a condition later on when they had already spent some time organising it with them and they didn't think they could get another mortgage in time without going back to square one of finding a property... I may have that slightly wrong.
nope, i have duel nationality, and i should ge a tax rebate
Duel nationality has nothing to do with it. If you're paid in sterling, tax rebate or no tax rebate, HMRC will know you're still earning and will calculate how much you owe SLC. Stop kidding yourself.
I have never understood the idea of paying off your student loan. There is no reason to do it, saving money for things that you might otherwise need to borrow more for in the future and/or putting the money in to savings is in every way a better idea.
People worry that they're paying interest. What they fail to realise is that it simply matches inflation.
You'd be surprised at the failure of some people to understand inflation. Although the same people can easily complain about rising prices.