When does Student Loan balance update?

ciaomagre

I'm within the last 2 years of paying off my student loan and have switched to paying by direct debit a few months ago. Does anyone know at what point in the year SLC typically update the contributions I made via HMRC in the previous tax year? I want to just pay it off in a lump sum now, but want to wait until the balance has properly updated, so just want to plan for when that is likely to happen.

Lokolo

Ring them and they can give you a settlement/outstanding balance. Assuming this feature is still available, you can put in your payment amounts from payslips online and it gives you a figure as well.

Balances don't tend to update until May onwards (friend was July and I was September on most years).

Once it has been updated from HMRC contributions, the online balance will update with your Direct Debit contributions, making it easier.

ciaomagre

Thanks for the reply. Yeah I've done that online with the payments to calculate, but I guess I cannot close the account ocne-for-all until they receive those payments from HMRC? If I phoned up now to close it with a lump sum, they just have to take my word for it that the contributions I made in my payslips are accurate, so I assume they wouldn't properly close it until then...hence I'd prefer to wait until they've official received this, then do the lump sum.

zippygeorgeandben

I hear what you are saying ciaomagre. I got the letter in September last year. They didn't actually start taking the DD until December. I think I've got to wait until July for the update. What i did do last year was make an extra one off payment of £100. I want to see that that has come off the balance.
It's such an archaic system though i almost want to pay it off myself!