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July 7th, 2008 |
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OK, this is a completely non-relevant post, infact, you can ignore it because it’s a rant at the insane stupidity of the excuse for professional business, otherwise known as the Student Loans Company.
If anyone working abroad will testify, you have to let the SLC know that you are working abroad. This is all fine and dandy, they send you a form asking you how much you earn in your local currency and you send it back. All very civilized so far.
Where it get’s uncivilized, and where the Student Loans Company shows itself for the evil money grabbing company that it truly is, is when they come to calculate how much you need to repay them.
As any ex-student from the UK will tell you, you don’t need to repay any amount until you start earning £15,000 or more. You pay 9% on every £1 over that amount. That’s fair enough. £15,000 is a reasonable amount to live on, and it’s only 9p in a pound that you are being taxed on. If you earn £25,000 a year, you are talking just £900 a year, or £75 a month. It’s a pain, but not unduly unfair.
However, the way the thieving bastards are making the money is on us ex-students who are working abroad. Not only do they reduce the threshold to silly levels, they also swing the exchange rates in their favour - massively in their favour! I’m not even sure where these scumbags have pulled the exchange rate from, they are using a rate that no one else in the world is using!
Take my position, for example. I’m living in India.
According to XE.com the current exchange rate is:
1.00 GBP = 85.6317 INR
According to the cretins at SLC, they are using an exchange rate of:
1.00 = 61.50 INR
It’s over 25% less than the official exchange rate. This balloons my ‘equivalent’ GBP wage to the stratosphere, and it’s on this fantasy figure they are calculating how much I should repay.
In the UK, my wage here in India wouldn’t even meet the threshold, and yet, they are charging me as though I’m earning the equivalent of £27,500 per year. That’s insane! I’m being asked for more money that all my mates in the UK, despite being on a fraction of their wages - honestly, can anyone explain the logic?
I’m seriously considering asking for a pay cut so these money grabbing thieves don’t get a penny out of me. Bastards.
Update: It’s official, the Student Loans Company is trying to screw over overseas students. I recieved an email from them today where they finally stated the exchange rate they are using - after 4 attempts, they finally managed to answer my question. I can now see why they were unwilling to answer the question. Check out this extortionate exchange rate:
Official Student Loans Company Exchange Rate: 1 GBP = 60.75 INR
Posted in Moans |
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