Hoe soon does student loan balance catch up with payments?

yelf

I have a statement form April showing what my student loan balance was at that point. But my understanding is that there are akways a numberrt of payments that have been deducted from my pay which have yet to be credited to my account. does anyone know roughly ho long it takes for a deduction to be credited?

thanks

lorelei_lou

I've had trouble with them lately and they said they only calculate repayments once a year, then you get your statement in April.

I've had a worrying problem which has affected quite a lot of people, I believe. When I last got my statement, I realised the balance was the same as the previous year, even though I've been paying through PAYE. It turned out that HMRC had received the payments from my employer, but the payments hadn't been passed to the SLC.

The payments were at last passed to them in October after I notified HMRC of the problem. But the SLC say they can only give me the re-adjusted balance for last April, and I'll need to wait until this April to know the real amount I owe.

Also, I was a bit surprised to find out that when you finish paying off the loan (if you're doing PAYE) they don't automatically stop the payments - apparently it's your responsibility as a loan owner to do this and notify them?! A bit hard to do when you only get an accurate statement once a year! I should be close to overpaying mine, learning this cheesed me off a bit

CLAPTON

just to add

your employer deducts student loan payments and tax and NI from your salary each month

your employer sends an aggravated sum of money each month (i.e for their entire work force)

this does not however identify you or anyone else

only after year end (i.e. after 6th April) does your employer send the details of individual emplyees showing your SLC, tax and NI payments

sometime after than the HMRC provide SLC the details

after that they sometimes send you a yearly statement dated April

Niv

CLAPTON wrote: »

just to add

your employer deducts student loan payments and tax and NI from your salary each month

your employer sends an aggravated sum of money each month (i.e for their entire work force)

this does not however identify you or anyone else

only after year end (i.e. after 6th April) does your employer send the details of individual emplyees showing your SLC, tax and NI payments

sometime after than the HMRC provide SLC the details

after that they sometimes send you a yearly statement dated April

I assume this is how 'modern' student loans work? I have three loans from last century (ok ok 96-99) and they come from my bank account, my employers have nothing to do with my student loan payments.

Niv

CLAPTON

Niv wrote: »

I assume this is how 'modern' student loans work? I have three loans from last century (ok ok 96-99) and they come from my bank account, my employers have nothing to do with my student loan payments.

Niv

indeed so
the post 1998/9 student loans that start to be paid back once you earn over 15,000 per year

Niv

CLAPTON wrote: »

indeed so
the post 1998/9 student loans that start to be paid back once you earn over 15,000 per year

Ahhh ok, thanks. Well mine is the same deal but it defaults to me paying them back unless I tell them otherwise.

Anyway, thanks for the confirmation.

Niv