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Tuesday, 18 January 2011

Finding out your student loan balance (courses starting from 1998)

At the end of every tax year, HM Revenue & Customs (HMRC) will advise the Student Loans Company of any repayments you have made. These repayments are then deducted from your student loan account balance. At other times in the year you may not be able to get information on the exact amount you owe - but there are ways to estimate it.

How your balance is calculated

Your student loan balance will be calculated differently according to the type of repayer you are.

Working as an employee

If you work as an employee and pay tax and National Insurance through the Pay As You Earn (PAYE) Scheme, your employer will calculate and deduct student loan repayments due each pay period, based on your earnings for that period.

The Student Loans Company will only be informed of your total repayments at the end of each financial year and it is important you keep your own records.

Repaying through Self Assessment

If you repay through Self Assessment, you will make payments to HMRC.

The Student Loans Company will only be informed of your total repayments at the end of each financial year.

Living overseas

If you live overseas you will be making repayments directly to the Student Loans Company.

Repayments will be credited to your account upon receipt and interest will be applied to your account at the end of every month.

When you receive a statement

Before you begin repaying your student loan, you will receive an annual statement for the year ending 31 August. When your account becomes due for repayment, you will be sent a statement for the period ending 5 April.

The next statement will be issued between 12 and 24 months after that date - depending on your repayment method and the date that HMRC advises the Student Loans Company of the amount collected.

Checking your balance

No information regarding repayments, balances and collection will be passed between the Student Loans Company and HMRC, other than the repayment information transfers at the end of the tax year when HMRC tell the Student Loans Company how much you have paid.

This means that there may be times when you wish to contact the Student Loans Company or HMRC about your balance, but they can't provide you with this information.

However, you can estimate your balance in between statements by looking at your most recent statement and taking off any deductions noted on your wage slips and P60.

You can check your balance online, or contact the Student Loans Company by letter or telephone and they will carry out these calculations on your behalf.

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Additional links

Student loan repayment: online services

Use your online account to update personal details, check your balance or make a payment

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