In most cases, you need to take out a student loan in order to get the education that you need to start building a career. Most of the time these loans are taken out from the Student Loans Company and require repayment monthly, either directly from your pay, or if you are self-employed once you start earning more than £15,000.
Many people think that if they emigrate they can get out of paying their student loans, however, even if you emigrate you are still contractually bound to pay your student loans and are not only morally responsible, but also legally. If you are planning to go abroad for three months or more then you must alert the SLC to your decision to leave by filling out the ‘Overseas Income Assessment’ form.
At this point the SLC will be able to identify your income overseas and your employment and then make arrangements for the repayment amount they deem applicable. Once your income is over £15,000 you are deemed above the loan repayment threshold and will have to pay 9% of what you earn past this point. Adjustments are made for living costs so you will find that the amount will likely be different than what you paid in the UK.
If you choose to leave the country without alerting the SLC of your departure and making the proper arrangements then you may receive penalties from the HM Revenue and Customs when you return, that can quickly add up and become unmanageable.
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