Student Loan - incorrect balance?

hawkinsa21

Hi all, forgot I had this account and thought I'd put it to good use!

Today I signed up for my online student loan account access. I took a loan out during a 2 year HND back between 01/02 - 02/03. They only started taking payments back in 09 - 6 years after starting full time employment (above the threshold).

I logged on today to see a remaining balance which I believe is incorrect. Here are the details. Its been a while since I've had to do maths, so I'm after some confirmation that I am / am not mad. I have gone through the last 3 years electronic online payslips I have from work, and have double checked the results. What I have paid direct from my salary is accurate.

Sorry for the format, its how my brain thinks....

Loan amount: £6510

1st year: £3434
2nd year: £3076

Interest rates (started paying back via PAYE in Aug 09):
09/10 @ 0%
10/11 @ 1.5%
11/12 @ 1.5%

Interest over two years @ 1.5% (first year 09/10 was 0%):
£195.3

Total loan: £6510

Total loan + Interest = £6705.3


Outstanding balance as per my account with the student loans company: (end of march 12) £4,303.60



Total I have paid: (by end of March 12) £3692


'Loan + Interest' (£6705.3) minus 'Total I have paid back' (£3692)

Should equal = Balance of £3013.3


Discrepancy of £1290.3


Am I mad? I've taken into account that their figures are only accurate from end of March this year, and it will update end of March 2013. I believe they are wrong, but as I said my mathematics is a bit rusty, but I think this is fairly basic stuff.

Thanks

Alex

jpwjpw

Aren't you also charged interest whilst you are at uni?

hawkinsa21

Interesting... I might have to raise this with the SLC.

From their site;

"You’re charged interest on your loan from the time you get your first payment in university until you pay your loan back in full."

Does this mean that I was accruing interest over the 6 years that they failed to find out I was working full time? If that is the case then I'm pretty concerned because I rang a couple of times over that 6 year period and was advised that it would automatically pick it up on the following (iirc) May, and not to worry.

Best give them a call then hadn't I.

Thanks for that question, it made me dig deeper.

Alex

CLAPTON

yes you pay interest from the time you get the loan

you should be able to get a full statement of the a/c so you can see how the debt has built up although one must admit that their systems are shocking.

at the end of the day it is your responsibility to pay your taxes and student loans correctly.

hawkinsa21

CLAPTON wrote: »

at the end of the day it is your responsibility to pay your taxes and student loans correctly.

That was why I rang them to ask whether they were ever going to start taking the money I owed them. They seemed happy that it would just come out when HMRC caught up with it

But yes, you cannot trust anyone and its naive to think everything will just run smoothly

Thanks for the reply CLAPTON

CLAPTON

hawkinsa21 wrote: »

That was why I rang them to ask whether they were ever going to start taking the money I owed them. They seemed happy that it would just come out when HMRC caught up with it

But yes, you cannot trust anyone and its naive to think everything will just run smoothly

Thanks for the reply CLAPTON

slc are a pretty awful organisation with awful computer systems.

anyway you aren't really out of pocket, as you have either had the use of the money or have saved it up.