When does Student Loan balance update?

ciaomagre
ciaomagre Posts: 19 Forumite
I'm within the last 2 years of paying off my student loan and have switched to paying by direct debit a few months ago. Does anyone know at what point in the year SLC typically update the contributions I made via HMRC in the previous tax year? I want to just pay it off in a lump sum now, but want to wait until the balance has properly updated, so just want to plan for when that is likely to happen.

Comments

  • Lokolo
    Lokolo Posts: 20,861
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    Ring them and they can give you a settlement/outstanding balance. Assuming this feature is still available, you can put in your payment amounts from payslips online and it gives you a figure as well.

    Balances don't tend to update until May onwards (friend was July and I was September on most years).

    Once it has been updated from HMRC contributions, the online balance will update with your Direct Debit contributions, making it easier.
  • ciaomagre
    ciaomagre Posts: 19 Forumite
    edited 20 March 2018 at 10:58AM
    Thanks for the reply. Yeah I've done that online with the payments to calculate, but I guess I cannot close the account ocne-for-all until they receive those payments from HMRC? If I phoned up now to close it with a lump sum, they just have to take my word for it that the contributions I made in my payslips are accurate, so I assume they wouldn't properly close it until then...hence I'd prefer to wait until they've official received this, then do the lump sum.
  • I hear what you are saying ciaomagre. I got the letter in September last year. They didn't actually start taking the DD until December. I think I've got to wait until July for the update. What i did do last year was make an extra one off payment of £100. I want to see that that has come off the balance.
    It's such an archaic system though i almost want to pay it off myself!
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
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