Student loan help

foofi22

Hi

Does anyone know when HMRC tell the SLC how much I've paid over the last tax year? My current balance is showing as correct up to 31/03/2009. I just thought it would have been updated now.

Also, is there any way to view previous years payments? As all I can see is a single number (my balance including interest up to 31st March 09). I graduated June 2007, I've just never been bothered to check how much has been taken off my balance against my payslips.

Cheers

MrsManda

Not sure about the updates but you should have been receiving statements every year which will show your payments. You can see these online under the correspondance section of the Repayments website

Poolie

Since the tax year has just ended on 5th April, your employer will be completing the end of the year return information to HMRC. Once this is completed you would normally receive your P60.

Your employer should be submitting all the information to HMRC electronically, they will then seperate out the tax, national insurance, student loan repayment and others. HMRC will then compile a file and send the information to SLC. These files are usually sent on a fortnightly basis but once they start flowing HMRC may send them on a weekly basis.

SLC usually apply 1 file to the accounts each fortnight. They have done multiple loads previously.

At the end of each month, SLC will adjust the repayments over the year and then backdate the interest on your account. SLC will then issue either a interim statement if there are more details due from HMRC or a final annual statement if a complete file has been received.

The statements are usually generated a few days into the beginning of the month, they are checked and then issued to repayers.

I would not expect you to receive a statement before June or July depending on when HMRC send through the information.

The details shown on the studentloanrepayment site is based on a seperate system which is a copy of the main one. This is updated on a monthly basis therefore your current balance won't be updated till the HMRC file has been recieved and processed.

Poolie

If you want to check previous years compare the statement amounts against any P45s or P60's you have received.

anna42hmr

i contacted the SLC and asked the same question, they confirmed as one of the other posters, they expect all information to be updated and available to us by mid june (or earlier depending on hmrc etc)

you can do a rough estimate online of how much you have remaining on the balence, as they also have a section where you can put in how much you have paid each month since april last year to march this year and it calculates what you owe

Poolie

If you haven't received a statement by mid october then call slc as employers should have provided the information to hmrc