Should I be concerned about my student loan?

ginger_chocolate

Maybe I don't have enough to occupy myself during lockdown, but this is just something that occurred to me:
I graduated back in 2003 and had a student loan - to be honest I have never really given it a second thought since then. I've always worked on a PAYE basis and a payment just gets taken from my pay packet automatically every month and I just view it as an extra tax and ignore it. It's just occurred to me that I have no idea how much I still owe, or when I might be due to pay it off - I haven't had a letter from the SLC in years (probably because I've moved address multiple times since graduating), as far as I know I don't have an online account with them, I did try calling the SLC number but after a few minutes on hold decided not to bother - I'm not sure how I would prove who I was to them anyway seeing as I don't have an account number or anything.
I suppose my question is, is there a danger that the SLC could keep taking money from me after I've paid off the balance if I don't keep an eye on it? Should I be updating them with my new address etc?

MallyGirl

I would just send them a letter stating change of address from where ever they last knew you to where you are now. Maybe enclose photocopy of something with your address on from back then and something recent as evidence. It really is on you to update them

bradders1983

SLC dont take money off you in essence....its your employer taking money off you to pay them. In theory you may have paid it off, I wrote to them in the end as I also had moved multiple times. Took a while for them to reply but eventually I got access to my account.

Write a letter to them if you dont want to sit on the phone, giving them as many details about yourself (previous addresses etc). This is what I did. I followed a template online but cant seem to find it now.

Shakin_Steve

If you still have your login details for student finance, try here

https://www.manage-student-loan-balance.service.gov.uk/ors?locale=en

ginger_chocolate

Shakin_Steve said:

If you still have your login details for student finance, try here

https://www.manage-student-loan-balance.service.gov.uk/ors?locale=en

I'm not sure I ever had any log in details tbh! Although the internet was a thing, everything SLC related was still quite paper based back in the early 2000s - I don't remember ever logging into any kind of online account or being given details for one.

Thanks for the responses everyone anyway - I think I will write them a letter and see what happens. 

Novice_investor101

I graduated in 2006 & have an online account. I rarely look at it. I never get any post either & they do have my correct address. I’d say it probably would be best to just hang on the line & speak to them. 

[Deleted User]

I had to register here to give you some advice - I was in the same position as you (graduated 2004) and I wasn't getting much correspondence even though I had only moved once from the registered address (my parent's house). I rang the SLC helpline and spoke to a fantastically helpful guy who eventually got my details (didn't help I was at 2 unis, uni changed their name etc) and got me up to date with the login details. If you go to the site below (as a new user I can't post proper links) you can login using your CRN (customer reference number) which SLC can provide, it's NOT the same as your student support number and this shows you the live balance as they now update it monthly based on payroll deductions and interest. I find it not as good as the old site as a lot of the documents are unavailable but it does let you see PDFs of old correspondence like annual statements. With the current rate for Plan 1 at 1.1% I have actually been paying it down for the last few years

w w w . g o v . u k / sign-in-to-manage-your-student-loan-balance

zippygeorgeandben

If I recall, SLC sent a letter out stating that I was due to pay the outstanding balance off within two years and advised that I stopped the direct debit near the end, so I did not overpay.  Problem is when you overpay, it takes until the next financial year for HMRC to refund ALL your overpayments; takes a while.

Give them a call and see.  Also, you could see what your balance is and you might actually want to pay it all off, and see the extra then going into your pay packet.

bradders1983

zippygeorgeandben said:

If I recall, SLC sent a letter out stating that I was due to pay the outstanding balance off within two years and advised that I stopped the direct debit near the end, so I did not overpay.  Problem is when you overpay, it takes until the next financial year for HMRC to refund ALL your overpayments; takes a while.

Give them a call and see.  Also, you could see what your balance is and you might actually want to pay it all off, and see the extra then going into your pay packet.

Not everyone pays a student load by direct debit, I think that is older ones. Newer ones are taken through the PAYE system if you arent self employed, no idea how if you are tbh 

[Deleted User]

zippygeorgeandben said:

Also, you could see what your balance is and you might actually want to pay it all off, and see the extra then going into your pay packet.

There's probably some fairly reasonable maths to do on whether repaying the money is worth it vs the money coming out of your salary and when the cut off is but honestly I don't see any reason to do it even if you had the cash. It costs me around £35 a month deduction, at 1.1% interest on the loan (adding about £15 a month) there is zero reason for me to pay back the remaining sum even if I had the ready cash to do so, if I lost my job for example, having the cash would be better. Student loan repayment calculator suggests if I was working on the basis of 0% pay rise annually, the debt would be written off when I hit 65 before I could repay it all anyway

MalMonroe

ginger_chocolate said:

Maybe I don't have enough to occupy myself during lockdown, but this is just something that occurred to me:
I graduated back in 2003 and had a student loan - to be honest I have never really given it a second thought since then. I've always worked on a PAYE basis and a payment just gets taken from my pay packet automatically every month and I just view it as an extra tax and ignore it. It's just occurred to me that I have no idea how much I still owe, or when I might be due to pay it off - I haven't had a letter from the SLC in years (probably because I've moved address multiple times since graduating), as far as I know I don't have an online account with them, I did try calling the SLC number but after a few minutes on hold decided not to bother - I'm not sure how I would prove who I was to them anyway seeing as I don't have an account number or anything.
I suppose my question is, is there a danger that the SLC could keep taking money from me after I've paid off the balance if I don't keep an eye on it? Should I be updating them with my new address etc?

Hi, Congratulations! I also graduated in 2003.

Why don't you write to Student Loans? They're only operating a scaled down service now anyway so they'll probably ask you to write in. Or you WILL be hanging on the line forever. They're going to be sooooo busy right now, too, what with new student intakes and everything.

Just tell them what you've told us. If you've overpaid, they will definitely return it. But they may take repayments when the loan has been paid off, why else would they have a refunds department?!  To my knowledge, student loan repayments have always been by PAYE, because the Student Loan company is operated by the government and they know what job you have and what you earn. Address below. Call me old fashioned but I DO prefer to write to organisations about things like this, just for my own paper trail, if nothing else. And I'd keep an eye on what was happening with my money, too.

Student Loans Company
100 Bothwell Streetty 
Glasgow
G2 7JD