Repaying your Student Loan by HMRC and SLC

Student Money Week 2018

Got a question about repaying your student loan? Our experts are here to help.

Duncan is a member of the HMRC Student Finance Team. He is responsible for producing guidance relating to HMRC's part in the student loan repayment process. He works in partnership with colleagues from Student Loans Company to help make the process as smooth as possible.

Niall is one of the Student Loans Company advisors specialising in repayments. He provides support to customers over the phone and through social media.

Please be aware all answers will be posted on Thursday 15 February.

(edited 6 years ago)

Reply 1

ionaalindo

1

If I were to move abroad say in my late 30s would I still repay back my student loan or would I have to repay it all back in a bulk before I move?

Thank you

Reply 2

r10k12

5

Student Loan details - Repayment.slc.co.uk?
A letter came through the post at my parents' address saying that I have not updated my employment details with the student loans company and that if I do not do this soon I will be charged extra interest on my loan.

It says to go to repayment.slc.co.uk/ to do this. I just want to double check that this letter is legitimate - I haven't heard of having to update employment details (I thought it was all done through PAYE, if you earn over the threshhold then some of your pay is automatically deducted for repayments).

Reply 3

tomandsnow2

3

Hi,

I received a letter at the start of August stating that I had a grant overpayment of £35. I have since received a second letter which states the amount Is actually £3271 and this will be recovered from future payments. Does this mean I will receive minimal student finance in my final year as most will be deducted to pay this back? How does the repayment work? Also, whilst my parents income was greater than expected, hence the grant overpayment, there has been no reassessment to the amount of loan that I received. Using your online calculator it appears that my loan amount should have increased due to no longer receiving a grant but this has not happened. Surely some of the overpaid grant should be transferred into a loan?

I hope to hear from you soon

Many thanks,

Emma

Reply 4

Niall Fulton

Official Rep

Original post by r10k12

Student Loan details - Repayment.slc.co.uk?
A letter came through the post at my parents' address saying that I have not updated my employment details with the student loans company and that if I do not do this soon I will be charged extra interest on my loan.

It says to go to repayment.slc.co.uk/ to do this. I just want to double check that this letter is legitimate - I haven't heard of having to update employment details (I thought it was all done through PAYE, if you earn over the threshhold then some of your pay is automatically deducted for repayments).

Hi r10k12.

This is a genuine letter from us.

In most circumstances, this information does come to us automatically, but there may be times where you've just started a job and we don't have that information.

We only launched the online service this month but if you follow the link and select the relevant options your details will be updated in less than 10 minutes!

Thanks, Niall.

Reply 5

Niall Fulton

Official Rep

Original post by ionaalindo

If I were to move abroad say in my late 30s would I still repay back my student loan or would I have to repay it all back in a bulk before I move?

Thank you

Hi ionaalindo.

If you go overseas you do still have to pay back your loan, however you don't need to pay it all in one go!

You'd send us an Overseas Income Assessment form with evidence of your income. We'll use this to calculate whether or not you are due to repay your student loan and if so, how much each month. You'd then make payment directly to us on a monthly basis.

Each country has its own repayment threshold which we use to calculate your repayments.

You can find more information here: http://ow.ly/MoDo30iqojP.

Thanks, Niall.

Reply 6

Niall Fulton

Official Rep

Original post by tomandsnow2

Hi,

I received a letter at the start of August stating that I had a grant overpayment of £35. I have since received a second letter which states the amount Is actually £3271 and this will be recovered from future payments. Does this mean I will receive minimal student finance in my final year as most will be deducted to pay this back? How does the repayment work? Also, whilst my parents income was greater than expected, hence the grant overpayment, there has been no reassessment to the amount of loan that I received. Using your online calculator it appears that my loan amount should have increased due to no longer receiving a grant but this has not happened. Surely some of the overpaid grant should be transferred into a loan?

I hope to hear from you soon

Many thanks,

Emma

Hi Emma.

If a grant overpayment has been identified, a loan overpayment may have been too, Student Finance England would be able to confirm if this the case for you.

You have the option to pay back your loan in full straight away to us, but you don't have to. SFE may reduce your payments in any future years if an overpayment still exists. If they aren't able to do so, we'll contact you at the end of the course to come to an affordable repayment arrangement with your for the overpayment.

You can find more information here: http://ow.ly/n1rt30iqp4J.

Thanks, Niall

Reply 7

Niall Fulton

Official Rep

Here's some top tips to remember about your student loan:

•

Keep your contact details up to date - This is really important as HMRC are not allowed to provide us with your personal details and if these aren't up to date you may miss important information from us!

•

Tell us if you go Overseas for more than 3 months - Even if your not earning, we need to know if you are Overseas so we can verify if you are due to pay back or not.

•

Repayments are calculated by pay period - We all know about the annual repayment threshold, however if you're paid weekly or monthly, there's a different threshold. Don't worry though - if you don't earn over the annual threshold once the tax year is over, you can claim any deductions back.