Checking Student Loan Balance?

Zola.

Is there any easy way to check your live student loan balance?
I have somewhere in the region of £4000 left, maybe less.

Is there a way to know the exact amount?

I don't have a login to the student loans website - is the latest balance listed there?

:beer:

Smellyonion

Yes, log in to SLC website. They only update it yearly though.

Zola.

I need to get registered there I think, I have never used it.

Thats pretty crap that the balance is only updated once a year. Why is that?

DrEskimo

Zola. wrote: »

I need to get registered there I think, I have never used it.

Thats pretty crap that the balance is only updated once a year. Why is that?

Because the balance is only paid down at the end of the year. The only change you will see on a monthly basis is the addition of the monthly interest.

Are you not getting sent annual statements through the post?

Zola.

I do yeah, just wanted to crunch it into a spreadsheet to see the number go down / when I can expect to have it finalised etc.

I hear of many people being over charged and having to tell HRMC etc to stop the payments. Don't want to get caught out.

DrEskimo

Zola. wrote: »

I do yeah, just wanted to crunch it into a spreadsheet to see the number go down / when I can expect to have it finalised etc.

I hear of many people being over charged and having to tell HRMC etc to stop the payments. Don't want to get caught out.

Your last statement should have enough information to put into a spreadsheet and forecast future payments/interest?

At £4,000 I would be looking to clear with an overpayment relatively soon. Obviously depending on your income and how much you expect to repay through PAYE/self-assessment.

Zola.

The issue is I have 11% coming out via salary sacrifice for pension, so it lowers student loan payments considerably and its slowing down haha

How would I forecast it with the interest, I think its 1.5%? Is the statement sent out same time every year? I should have the document in a file.

Smellyonion

Which plan are you on?

As far as I'm aware, pensions shouldn't effect student loan payments. The 9% deduction is based on gross salary.

DrEskimo

Smellyonion wrote: »

Which plan are you on?

As far as I'm aware, pensions shouldn't effect student loan payments. The 9% deduction is based on gross salary.

This.

Pension contributions won't make any difference.

Zola.

I am on plan 1, graduated 2007..

I am afraid it does - salary sacrifice contributions to pensions are seen to the student loans / HRMC as a smaller wage, so the amount that comes out gets reduced considerably.

I only know this as when I upped my pension from 5% to 11%, it made a huge impact to monthly student loan payments.

DrEskimo

Zola. wrote: »

I am on plan 1, graduated 2007..

I am afraid it does - salary sacrifice contributions to pensions are seen to the student loans / HRMC as a smaller wage, so the amount that comes out gets reduced considerably.

I only know this as when I upped my pension from 5% to 11%, it made a huge impact to monthly student loan payments.

Ah yes, my apologies. It does reduce payments. I happened to increase my pension contributions at the same time the thresholds were changed, so I thought the change was only due to the threshold changes, not the AVC to my pension..!