RE: ''It's Time To Pay Back Your Student Loan!'' - $190 Every Three Months "Even Without" Income.
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In the UK, most students will usually finish a 3 year course at university with a debt of around US $50K now.
The interest rate is higher (around 6% I think) but repayments only start when their salary goes above a minimum of around US$ 25K per year.
Then the repayments are deducted automatically by their employer.
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Oh, I see. That sounds pretty good actually. We have to pay our debts on our own. It doesn't get deducted by the employer or anything like that so I personally think that's a better way to do it.
Yes, having the repayment threshold is a good idea.
It allows students to get established in a job before having to worry about starting to pay back their loans.
Yeah exactly. That sounds like the ideal way of doing things. I think it's crazy to send me a letter asking me to repay money starting in February when I finished School 3 weeks ago.
It does seem rather prompt! Is there any appeal procedure to delay paying until you are established in the new job?
I'm actually not sure. I think there is, not sure how it would work out though. I will just pay whatever they want me to, as I have a job, but it would obviously have felt better if I got to be a little more established before I had to start paying back.
We'll see, I might look into it more detailed further on. For now, I'm just glad that I've been able to get a job. It's worse for people with no or low income.
Good luck with the new job!
Thank you very much! :)
I am not sure this would be possible in the Nordic countries.
I have worked at the same company for 2 years and I have gotten a 4dkk raise hourly, which is around 0.6 usd raise :D Thats not really anything xD
The minimum wage here is really good.