PAYING STUDENT LOAN FROM ABROAD WRITE OFF REPAYMENT HOLIDAY PENALTY
A student loan repayment for overseas consists of a process which is dedicated to every student or former student who has obtained a loan from a country and who has moved abroad.
A student loan repayment from abroad some years ago wasn’t really necessary since graduates students who moved to overseas weren’t under the obligation to make payments on their loans, the problem is since more are moving abroad the lenders have changed their policy.
A student loan repayment from overseas is treated like a loan repayment in the home country of a student with some differences as to the salary threshold used for each country abroad where students have to start to repay.
Student loans when moving to abroad can be charged with additional penalizing fees if a student fait to meet his/her obligations to make the repayment from overseas as the student loan companies expect to have around 10% of their earnings (when they have a job) allocated to repayments.
WHEN IS A STUDENT LOAN WRITTEN OFF?
A student loan is written off means that the students who have been borrowing money for their tuition and living costs during their studies don’t need to repay the loan.
A student loan write off is considered by lenders , government bodies or banks in case they feel that the student debt is declared non collectable which means that it’s not worth to try to collect the money from the student abroad.
When a student loan is written off? The response to this question will depend on the jurisdiction of the lender and may vary on the age of the borrower and the years of studies.
A student loan write off usually take place a borrower is facing unfitness to work or when he/she reaches the age of 60 or 65 years depending on the circumstances and sometimes loans are written off 30 years from the first year of graduation.
SOLUTIONS FOR STUDENT LOANS WHEN MOVING ABORAD: REPAYMENT HOLIDAYS
A student loan repayment holidays can be a solution for graduates moving to overseas allowing a borrower for a break of repaying the student loan for up to 18 months with the interests being added for this grace period.
Holidays repayment for a student loan shall be applied in advance to the lender entities prior moving to overseas in or der to avoid any penalty.
POSSIBLE LEGAL MEASURES IN CASE OF NON REPAYMENT OF THE STUDENT LOAN
Usually lenders who have provided with student loans are flexible and tolerant in case of difficulties graduates may have to meet his/her repayment obligations.
Some countries however in case the amount or loan repayment a student is behind is important, don’t hesitate to stop the students from leaving the country when they travel home.