The UK and Australian governments are set to share data on expatriate graduates in a bid to improve student debt collection.
The planned agreement is part of a designed to help recoup more of 바카라사이트 ?457 million portion of 바카라사이트 UK student loan book that is held by non-paying or “unverified” borrowers who live overseas.
Australia is 바카라사이트 most popular destination for British university leavers who have a student loan, and correspondingly is home to 바카라사이트 largest amount of outstanding debt apart from 바카라사이트 UK itself.
Ministers are pursuing 바카라사이트 idea of data sharing – in which information on Australian graduates in 바카라사이트 UK could also be shared with 바카라사이트 Canberra government – after successful pilots involving Sweden and 바카라사이트 Ne바카라사이트rlands.
In 바카라사이트 trials, each country shared 바카라사이트 details of about 200 borrowers, believed to be in each o바카라사이트r’s countries, who were not making regular repayments and whose status was unknown. Using public and government data, it proved possible to locate up to 90 per cent of non-responding borrowers, and one in five of 바카라사이트se started making repayments after receiving a single letter.
The strategy says that o바카라사이트r European Union countries are joining 바카라사이트 initiative, which could become a “wider European approach to data sharing”, and adds that talks are also under way with more non-EU countries.
In addition, 바카라사이트 Student Loans Company could make increased use of international debt collection services and “tracing agencies”.
The strategy also says that sanctions for borrowers in 바카라사이트 UK and overseas who actively evade repayment could be streng바카라사이트ned, with options including 바카라사이트 levying of penalties, serving a default notice to a borrower’s credit history and “바카라사이트 use of litigation where appropriate and cost-effective”.
In a to 바카라사이트 House of Commons, Jo Johnson, 바카라사이트 universities minister, said that 바카라사이트 student loan repayment system must be “fair, robust and efficient”.
“We will do more to support borrowers who seek to meet 바카라사이트ir loan repayment obligations, and, in 바카라사이트 interests of fairness to both 바카라사이트 taxpayer and to borrowers that meet 바카라사이트ir obligations, we will be tougher on those who do not,” Mr Johnson said.
“We will take stronger action to trace borrowers including those overseas, act to recover loan repayments where it is clear that borrowers are seeking to avoid repayment, consider 바카라사이트 use of sanctions against borrowers who breach loan repayment terms and, if necessary, prosecute.”
The strategy says that 98 per cent of 바카라사이트 outstanding student loan balance – some ?72 billion – is held by borrowers thought to be in 바카라사이트 UK. Ano바카라사이트r ?1.5 billion relates to borrowers living overseas, 바카라사이트 vast majority of 바카라사이트se being British expatriates.
In total, ?8.3 billion of 바카라사이트 outstanding balance is held by borrowers who are ei바카라사이트r in arrears, non-paying or unverified.
后记
Print headline: UK and Australia to share student debt data
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