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Thinking of starting a course in 09/10?
Please note: applications for courses starting from September 2009 are not yet available. You will be able to apply early in 2009.
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Interest rate reduction for Income Contingent Loans
The interest rate payable on income based student loans has been reduced following the latest change to the Bank of England rate to 2% on Thursday 4th December. The new rate for income based student loans is 3% effective from the 5th of December until further notice. Interest is applied to loans from the date they are paid to you until they are repaid in full.
Why has it changed?
Student loans are not like commercial loans. They are subsidised by Government and attract a low cost interest rate. This interest rate is based on the annual March retail price index (RPI) or the highest base rate of a number of major banks plus 1%; whichever is lower.
To date, the RPI has always been the lower of the two. The reduced bank base rate plus 1% is now lower than the March 2008 RPI so we have presently adjusted the student loan rate to 3%.
Where you can get more information:
Student Loan Repayment Website
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Important information if you have recently changed your bank details.
Please login to your account and enter your new bank details as soon as possible. This will allow us to pay your next Student Finance instalment to the correct account.
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New repayment site for customers
We are delighted to announce that our new website is now live. This can be found at www.studentloanrepayment.co.uk.
Student Loan Repayment provides information and guidance for anyone who has completed their studies and has a student loan with SLC. It also offers a range of online services for you to:
- Calculate your balance online
- Update your contact information
- Make online loan payments by debit or credit card
We believe you will find these improvements useful, especially if you live or work overseas.
This is available to both customers with Fixed Term and Income Contingent Repayment loans.
If you used Student Finance Direct to apply for grants or loans, you can use your existing ART ID, secret answer and password to login and take advantage of our secure portal.
If you have an existing loan with SLC, expect to receive a letter to tell you about our new service.
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Exam results - do you need to change your application details?
The 2008 A-level results have now been published. Hopefully you got the grades you needed to get a place on your chosen course. You might also have found a new place through clearing.
If your course, or the university or college you are studying at have changed, you may need to make a change to your application. The fastest way to do this is to download a CO1 form and return it to your local authority.
Go to the forms & guides page
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