
I once fare-dodged my way from Bath to London. My friend Elliot and I spent several hours hopping on and off trains, hiding in toilets, and using our cellphones to outwit the ticket conductor. It was one of the most terrifying experiences of my early life.
There’s an age-old rumour that if you stay out of the UK for seven years, your student loans gets wiped clean. I looked into this rumour about two years ago and found out that it’s actually completely false. The student loan can only be wiped, according to the UK’s Student Loans Company, in the event of death or if you make it to pensioner status and still haven’t finished paying it back. I’m hoping for the latter.
I’m kidding, of course. I would love to be able to pay my student loan back, but based on the salary I earn in Thailand, I don’t even qualify to make the minimum payments as outlined in my contract with the Student Loans Company. I have a massive debt of something like £12,000 hanging over me. Every year I receive a letter asking me where I’m working and living and every year I end up with another 12-month grace period.
The big question is: When will I be able to pay my student loan back? This horrible debt continues to amass interest and is a stark reminder that all those days spent as a carefree student came at a price. When I graduated, I found myself with no money. I was actually about £1,600 overdrawn. Being a fresh graduate, I really didn’t care.
I’ve been told that the American system with regards to student loans is much less forgiving and that repayments are mandatory, regardless of how much money you earn or where you are working.
I had been living under the assumption that one day I would net an amazing job and from that point on I wouldn’t have to worry about my student loan. And yet here I am, four years after finishing university and not quite able to say I’m working my dream job.
There’s no way I can be the only expat in this situation. I suspect that most of the expats here around a certain age have some sort of debt following them everywhere they travel. Heck, I’m sure that escaping debt is the reason why some people come here in the first place.
My biggest fear is that I will receive a letter informing me that my student loan has been turned over to another loan company. That would spell major trouble as the new firm would not be as forgiving as the Student Loans Company. There is also the possibility of being served up a court order and having to pay the debt in one lump sum. However, this is usually reserved for people who fail to make payments and earn above £15,000.
At the moment I’m giving some serious thought with regards to what to do about my student loan.
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