SLC question - when are our contributions "added" ?

greyster

Any SLC experts out there?

Does the money we pay in through PAYE system get immediately added to our balance or is it only once a year?

I am curious to whether we are being robbed by the SLC

CLAPTON

The actual money you pay goes to the HMRC every month as part of payroll (new system).

Once a year (May/June) the HMRC provided the details to the SLC and they update their records based on when you actually paid and work out the interest accordingly.

They then send you a statement about September time.

So no, you are not being robbed but they won't be expecting an apology.

melancholly

this rumour started last year and there was even a huge petition about it; unfortunately the person started it didn't check the facts first and it was all a fuss over nothing! i think this is one of the few aspects of the whole student loans system that is organised reasonably well and carried out fairly!

greyster

thanks

I did hear about the petition too - thanks for clearing it up guys.