Student Loan ... real time balance?

QueenDivaCharm

I'm one of the lucky ones that has managed to get close to clearing my student loan (taken out in 1998)! I've not made overpayments, just paid it through my salary, but approx. 6 months ago was contacted to switch to payment via Direct Debit which I did. I've been making payments this way but have since had a bonus so keen to just pay off the final balance as a lump sum (which should be around £700ish) to get rid of the thing!


Is the only way to get an up to date balance to call them? It gives the option to make a full payment by card on their website but directs me to the balance calculator to work out what's outstanding! Seems crazy that you can't view your balance in real time like any other loan! Anyone else have the same frustration?

Whoknowskt89

I definitely do!
I think I have around £3k left on mine but as I'm not that close to it being over I'm waiting for the update.
Problem with trying to self calculate, if you're not paid the same amount every month it's hard to try to calculate without looking at every pay slip!

lika_86

Yep, just call them. I did this to pay off mine the other year, however, even though I called in January and asked for a figure and paid it, they got in touch nine months later to say my account was in credit by £45! How, I don't know given that they were the one to give me the final balance. I wasn't complaining too much though it's the first time I'd ever received a letter from them saying that they owed ME money!

QueenDivaCharm

Just called and they were able to gave me a settlement figure. Trouble is my payment from Self Assessment (I have a small business as well as a full time job at present) hasn't come over from HMRC yet, so if I pay today then I'll essentially have overpaid. They said I should get a letter when the HMRC payment is received, which will show the new balance so looks like I just need to wait til then. On the plus side, the figure she gave me for settlement today is lower than I expected...although by the time HMRC get their act together I'll have probably paid the remaining balance off through the DD!

Windofchange

Yeah good luck calling them. They have never had a clue when I have. Basically they get an update every year from HMRC when I submit my self assessment earnings and my employers submit my year to date earnings. It then takes them anything up to 9 months to credit that to your account. It's a terrible system.

raspberryrippl3

Useless company so good luck, but as others have said, calling them should get you an up to date balance as it only refreshes on the website annually (great website...)

zippygeorgeandben

Ahhh the dreaded Student Loans... praying every February I didn't earn enough to not defer!
Make sure they send a letter to you stating the account is now closed.