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Exact Student Debt Owed - Impossible to find out?

I wondered the other day what my total debt is on my student loan, i've been paying it for about 4 years in my job.

The lady on the phone said the website would tell me. So I logged on to check and it appears the only way to calculate this is to add your payments to a calculator.

WHY? why isn't this worked out for me, like it is online when I have credit card debts or mortgage debt where i can just see "£x Owed".

Seems archaic.

Comments

  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    It's not that difficult to comprehend.

    Student loans do not get told how much you get paid, or how much in student loan payments you've made this year. This is done via HMRC.

    At the end of the tax year, HMRC inform student finance how much you have paid.

    Student finance then calculate this against how much you owe, send you a statement around September/October.

    This happens every year.

    If you want an up to date record, you enter the information on student loan repayment website and it will calculate it for you.

    This is why, when you are close to ending your student loan, you move from the PAYE system (as student finance do not get this information until after the tax year), to a Direct Debit system in order to not overpay during the year.
  • I think this is a new site, as to why SFC has created this I'm not sure...

    http://www.studentloanrepayment.co.uk/
  • Helix
    Helix Posts: 2,381 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I think this is a new site, as to why SFC has created this I'm not sure...

    http://www.studentloanrepayment.co.uk/

    That has existed for years, I think the repayment site is separate as it covers England, Wales, Scotland and NI. Whereas when applying and administrating your student loan each country has its own site.
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