Student Loan - how to know if I've paid too much?

JoeyF74

Hi guys

Had a look at the forums to see if anyone else had this same problem, could see LOADS of other SLC issues but not this one so hoping one of you can help!

I went to uni in 2000 and did 2 years (didn't finish my degree & got a job instead). I borrowed approx £6,500 (exact amount impossible to find on the SLC repayment website although I'm sure I've seen it there before).

For many reasons I lost track of it over the years, I moved a lot, changed jobs etc, now I'm trying to save to buy a house and would like to not be paying the £80 a month to them.

Same as a lot of you I've had no end of trouble trying to get an accurate balance from them. The long and the short of it is that I have now paid them £7,314 in total up to the end of financial year 2016-17.

Does that sound right..? Or too much..? How can I work out how much I should pay them in total?

Any help very much appreciated

Jo

Richey_

I have found the student loan company quite helpful when you have a query like this. If you ring them up they will without quibble send you through every annual statement since you took out your loans so you can exactly where you are, how much you have paid, how much you have left to pay and how much interest you have accrued.

Remember that although the current interest rate is 1.25% for your loan, historically you have paid as high as 4.8% so over so many years you are likely to have accrued a lot of interest on the loan.

To see the historic rates go to http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678642&_dad=portal&_schema=PORTAL

Lokolo

You have an ART ID which you got when you first registered.

http://www.studentloanrepayment.co.uk

You can then view everything from this website.

JoeyF74

Thanks Richey, hadn't seen that page before so will try it now & see if I can work out what interest I've paid over the years.