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. If you are a Self-Assessment repayer, you will make payments to HM Revenue and Customs (HMRC) (formerly the Inland Revenue). HMRC and Student Loans Company will only be informed of your total repayments at the end of each financial year.
It is important to note that no information regarding repayments, balances and collection will be passed between SLC and HMRC other than the repayment information transfers at the end of the tax year. There may therefore be times when you wish to contact us regarding your balance and we cannot provide you with this information. Regrettably this is not something over which the Student Loans Company has any control.
When you will receive a statement
Before you begin repayment, 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 twelve and twenty-four months after that date – depending on your repayment method and the date that HMRC advises the Student Loans Company of the amount collected.
Finding out your balance
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.
