Paying US Student Loans in the UK...

Springhaze, that's exactly the way I do it, and the funds are always available to withdraw from paypal to my US account right away.

Will have to check about making a monthly phone call - that would probably be the cheapest alternative if they would take a UK 'credit card' (aka debit card).

You guys, seriously - you're losing so much money to Paypal's outrageous fees...

:-///

Except...I gotta go check my paperwork - seems to me if I signed up for direct debit, I got a break on the interest rate...I HATE giving money to paypal, but guess I'd better try to figure out, over the long term, what really would be cheapest.

You guys, seriously - you're losing so much money to Paypal's outrageous fees...

:-///

Oh, I know, but I barely have time to keep up with the rest of my life, so I just do what's easiest for now.  I'll figure out something more sustainable for the long term eventually.

Another option, if you have sufficient savings, is to open a US-based investment account.  The one I have (with Charles Schwab) required about $10k up front, though I only have to maintain $2500 in it to avoid fees.  It's a dollar account, but I can transfer pounds, euros, or Swiss francs into it practically commission-free, and then I can use it as a normal American checking account with which to pay things like the student loan.  No Paypal, no horrifying exchange commissions, no faffing around with exchange rates if a friend in Europe owes you some money.  I highly recommend it.

I've been paying on my student loans in the US from the UK for over 5 years.  I have kept my US checking account open and transfer money to it from the UK about 1-2 times per year through XE.com.  then I make monthly payments through it from the student loan website...no problems with it for the past 5 years...

I've been paying on my student loans in the US from the UK for over 5 years.  I have kept my US checking account open and transfer money to it from the UK about 1-2 times per year through XE.com.  then I make monthly payments through it from the student loan website...no problems with it for the past 5 years...

That is what I do.

I saw on the amex www that they have a solution for paying bills in the US.  It is a UK credit card but it has a dollar account associated with it somehow, may be worth checking out.

I think I'll plan on sending my mom money through paypal and asking her to send off the cheque each month. Sounds like that's the easiest way to do it!

You guys, seriously - you're losing so much money to Paypal's outrageous fees...

:-///

How?  I don't get charged a fee directly and the exchange rates have always been somewhat reasonable.

How?  I don't get charged a fee directly and the exchange rates have always been somewhat reasonable.

Just what I was thinking, I think I get charged like £1 or something for every transaction for exchanging currency. Certainly much less than I would pay for a wire transfer!

Just what I was thinking, I think I get charged like £1 or something for every transaction for exchanging currency. Certainly much less than I would pay for a wire transfer!

Seconded. The reason i exclusively used my Paypal card in the UK was because of the low transaction fee for using foreign currency. Tim sends me pounds all the time if we need to pay for something in dollars since it's cheaper than him using his account.

I think I'll plan on sending my mom money through paypal and asking her to send off the cheque each month. Sounds like that's the easiest way to do it!

this is how I do it. i paypal the money to my mom every month, who then pays my student loan company via transfer from her us bank account's website.  Quick and easy, and only cost something like 1 or 2 quid.

That... and the exchange rate works in your favor 

I saw on the amex www that they have a solution for paying bills in the US.  It is a UK credit card but it has a dollar account associated with it somehow, may be worth checking out.

Amex does... the UK Dollar/Euro card whereby, depending on which one you get, you avoid conversion charges and comission as you are, essentially, spending in dollars on a UK card.

www.americanexpress.com/dollareuro

Not sure how it would work with you student loans company tho, as each is different.  Mine required an acocunt number for a US bank account... so no go on that for moi  

I saw on the amex www that they have a solution for paying bills in the US.  It is a UK credit card but it has a dollar account associated with it somehow, may be worth checking out.

Be careful if you do this this simply because if you can't pay off the credit card, you could wind up having to pay interest to AmEx and wind up paying more for your student loan than the payment actually is!