how do 21000 graduates carry on paying student loans after the value has been repaid?

anniecave

Am i being thick, or what?

Under the old scheme, the student loans company takes your repayment via direct debit? So if they write to you to say you are coming to the end of your loan, why don't they amend the last payment and stop it from then on?

And if they're taking it via tax, surely there must be a way of getting the tax stopped, as the borrower can't do this, it's done by the employer.

So am I reading it correctly that they write to you but you then have to tell them to stop taking the repayments that they know you don't owe?

I used to work for an electricity supplier, and we found instances where we were taking money from "lost" customers who didn't owe us anything, but once we identified that, we stopped the direct debit ASAP.

In order for SLC to generate a letter to say "you are coming to the end of your loan", surely the computer knows that the borrower is coming to the end of their loan .....

[Deleted User]

On the current system, your student loan is taken out from your PAYE at the end of the month. This money is taken by the inland revinue and once a year they give it to the student loans company.

I suspect the people who carry on paying their loans after they're repaid are also the ones who fail to read their annual statements. It took 1 phone call to the student loan company for me to tell them 'you're nearly done taking back my repayments, could you tell the I.R. to stop doing it now'. The next month they stopped. It's not too hard, you just need to be aware of your amount owed and how much you pay per month.