Plan 1 Student Loan repayment website incorrect
Mojo29
Forumite 40 Posts
People may remember that last year it was promised that the Student Loan repayments would be updated "live" at points throughout the year rather than once per year.
I've just logged into my account for a Plan 1 student loan and was quite surprised to see that my "Balance" was over £1,000 less than the balance shown on the statement as correct of 05 April 2019 (and posted in June 2019). I say surprised because it still says at the top
"This is your current outstanding balance, including interest, up to 31/03/2019."
Having done the sums, it seems that it has taken into account my deductions from the payslips up to and including the end of August, but no interest has been added at all.
Just thought I'd point this out on here for anyone who may still be doing calculations assuming that it hasn't updated since April, as the text description (incorrectly) says.
I've just logged into my account for a Plan 1 student loan and was quite surprised to see that my "Balance" was over £1,000 less than the balance shown on the statement as correct of 05 April 2019 (and posted in June 2019). I say surprised because it still says at the top
"This is your current outstanding balance, including interest, up to 31/03/2019."
Having done the sums, it seems that it has taken into account my deductions from the payslips up to and including the end of August, but no interest has been added at all.
Just thought I'd point this out on here for anyone who may still be doing calculations assuming that it hasn't updated since April, as the text description (incorrectly) says.
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As for you, the displayed balance on "My Account" could be calculated from my balance on from the 5th April 2019, minus all the monthly deductions from my pay up to November. Interest had not been added.
Whilst its good to have a more up-to-date balance, it's pretty bad the website has not been updated to reflect this.