Student finance: Eligibility - GOV.UK

Repaying your student loan: Make further repayments

You can select to make further repayments in the direction of your student loan. These are along with the repayments it’s essential to make when your earnings is over the edge quantity in your compensation plan.

You ought to solely make further repayments in the event you suppose you’ll be able to repay the complete stability earlier than the loan time period ends. This is as a result of your loan can be written off on the finish of the time period.

There’s no penalty in the event you make further repayments however they don’t seem to be refundable.

Speak to a monetary adviser in the event you’re uncertain whether or not it is best to make further repayments or not.

If you resolve to make an additional compensation, you’ll be able to select how it’s utilized to your loan. For instance, you should use it to cut back the entire stability of your loan or to cut back the stability of a selected plan (when you have a couple of plan).

If you don’t select how the compensation is utilized, the Student Loans Company (SLC) will resolve the way it’s utilized for you.

If you’re a full time student from Wales, you could possibly get £1,500 of your Maintenance Loan written off.

Make a compensation with out signing into an account

You could make a card compensation in the direction of your loan or another person’s with out signing into a web based account.

You want the particular person’s surname and buyer reference quantity.

You could make further repayments:

  • via your on-line account
  • by bank switch
  • by cheque
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Online account

Sign in to your on-line account to:

  • make a compensation utilizing a debit card
  • arrange a direct debit

Bank switch

To make a bank switch or set-up a standing order from a UK bank account it’s essential to use the next bank particulars:

Account identify: Student Loans Company
Sort code: 60 70 80
Account quantity: 10027254

Use certainly one of these as your reference:

  • buyer reference quantity
  • grant reference quantity (if it’s for a grant compensation)

Cheque

To pay by cheque make your cheque payable to Student Loans Company Ltd and write the shopper reference quantity on the again.

It takes longer to course of cheques than funds made by debit card or bank switch. Your cheque can be backdated and you’ll not construct up extra curiosity due to the delay.

Student Loans Company Ltd

Finance Department

100 Bothwell Street

Glasgow

G2 7JD

You could make further repayments:

  • via your on-line account
  • by International Bank Transfer (IBAN)

Online account

Sign in to your on-line account to:

  • make a compensation utilizing a global debit card
  • arrange a direct debit

International Bank Transfer

To switch cash from a non-UK bank account, use the next particulars:

IBAN: GB37NWBK60708010027254
SWIFT: NWBKGB2L
NatWest Government Banking Team
NatWest Customer Service Centre
Brampton Road
Newcastle-under-Lyme
Staffordshire
ST5 0QX

Use certainly one of these as your reference:

  • buyer reference quantity
  • grant reference quantity (if it’s for a grant compensation)

Pay your loan off in full

Call or contact SLC on social media to search out out:

  • the entire quantity you owe (that is known as the ‘settlement amount’)
  • the date you’ll want to pay by (that is known as the ‘settlement date’)
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You’ll want your newest payslip in the event you’re employed.

Once you realize the entire you owe, you’ll be able to pay by debit card over the telephone, bank switch or cheque.

If you don’t pay the settlement quantity by the settlement date, you’ll have to contact SLC once more. This is as a result of the quantity you owe might need modified. You’ll solely want to offer any latest payslips or calculations because you final known as.