Students: What happens when you've repaid your loan

The Student Loans Company (SLC) sends you a statement each year showing:

• what you've repaid, and
  
• how much you still owe.

So you'll be able to tell when you're getting close to clearing your loan.

The SLC write to both you and us when you've repaid your loan to confirm that your loan account is closed.

If you're employed
When the SLC tell us that you've finished paying off your loan, we'll tell your employer to stop taking payments from your wages/salary.

The SLC will do everything they can to make sure that you don't make any overpayments at the end of your loan. However, it is possible that you'll make some repayments after your account is closed. If this happens you will get a refund, with (tax-free) interest.

If you're self employed
Under Self Assessment you're responsible for making loan repayments to us along with any tax and National Insurance you owe.

These payments are due with us by the 31 January each year. So if you're close to paying off your loan by this date, it's best you get in touch with us to sort out your final payment.

The guidance notes that come with your tax return show you what you need to do to ensure you pay the right amount of your student loan each year.

If you have any queries
If you have any queries, such as:

• how much have I already paid?
  
• how much do I still have to pay?
  
• I think I've paid too much.

It's best to get in touch with the SLC direct.

When contacting the SLC, have your student support number or loan account number handy. You can find these on any SLC correspondence. Contact details for the SLC are as follows.

• visit www.slc.co.uk
  
• call 0800 40 50 10
  
• write to: The Student Loans Company Ltd, 100 Bothwell Street, Glasgow, G2 7JD.