Student loans online account statements/balence

anna42hmr

hello, just wondering if anyone can help me, as i cant fine the answer on the stundent loans repayment/statement site ( http://www.studentloanrepayment.co.uk )

the statements that they show for the income style loan which i have (loan was in 2000) only shows up to what HMRC last informed them, so is up to date online until april 2009 (hopefully they will have tax year 09/10 updated soon.

I have updated on their calculator what has been taken out via payrole since then, but am considering making additional payments to clear it a bit quicker, are these shown up as and when SLC receive them on the online statements?? or do they update these also when they update the information from HMRC?

Reason i am asking is incase the interest rate does go a lot higher than savings accounts towards the end of the year, may want a final settlement, so do i need to keep my own log of additional payments as well? I know if you settle early, they ask for the payment details made through payrole since the date they have been advised by HMRC but would they already have a recored of any additional payments i make to them direct in the mean time?

surfcat

anna42hmr wrote: »

hello, just wondering if anyone can help me, as i cant fine the answer on the stundent loans repayment/statement site ( http://www.studentloanrepayment.co.uk )

the statements that they show for the income style loan which i have (loan was in 2000) only shows up to what HMRC last informed them, so is up to date online until april 2009 (hopefully they will have tax year 09/10 updated soon.

I have updated on their calculator what has been taken out via payrole since then, but am considering making additional payments to clear it a bit quicker, are these shown up as and when SLC receive them on the online statements?? or do they update these also when they update the information from HMRC?

Reason i am asking is incase the interest rate does go a lot higher than savings accounts towards the end of the year, may want a final settlement, so do i need to keep my own log of additional payments as well? I know if you settle early, they ask for the payment details made through payrole since the date they have been advised by HMRC but would they already have a recored of any additional payments i make to them direct in the mean time?

Additional payments are credited pretty quickly. Your online balance will update within a couple of days, but I don't think there will be an actual entry on your online statement. The payment will be listed in your annual paper statement however.

I've been working full time now for 4.3 yrs and my balance is still 13K :eek:

anna42hmr

surfcat wrote: »

Additional payments are credited pretty quickly. Your online balance will update within a couple of days, but I don't think there will be an actual entry on your online statement. The payment will be listed in your annual paper statement however.

I've been working full time now for 4.3 yrs and my balance is still 13K :eek:

Thanks for your reply i appreciate it

i know the feeling, i had to drop out after the first year for personal reasons, so had no where near the debt that others have had (as i only got one years worth of student loans etc) but i left uni in 2001, have been working ever since (though for a while i was under the threshold) , and and last statement had £3050 left to pay, (i think its now near £2500 now) so realistically i could pay it all off now with the savings in the bank, but dont want to yet as want to see what happens when they confirm the new interest for sept 10 to aug 11 first,

with interest rates on savings as low as they are and inflation on the up, making savings worth less in real terms, thats why i am considering making additional payments to it to get rid of it quicker.

at the rate i am paying according to the online calculator on mse, depending on interest etc i will still have it for between 4 6 months and 6 years, so know its not likely to get written off, (ie no where near the age of 60 and with the economy as it is, cant see any government no matter who gets in, writing off the old loans within that time, even if they abolish fees for new students)