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How Can I Find Out If I Owe Money To The Student Loans Company

by Jim ONeil on February 7, 2011

in Personal Finance Tips

By taking out a student loan, individuals can pursue their dreams of higher education. During the course of study, the student receives funding to pay tuition and/or living expenses. This money does not need to be repaid until after graduating when the student has obtained a job. However, at any point in time, individuals may be interested in discovering their student loan balance.

HM Revenue & Customs (HMRC) informs the Student Loans Company of repayments made to student loans. This is done at the end of each tax year. At that time, repayments are deducted from the balance of the student loan account. Throughout the year, students may not be able to access information regarding the exact amount owed, but the figure can be estimated.

Anyone who works and pays National Insurance and tax via the Pay As You Earn Scheme has student loan repayments calculated and deducted by the employer each pay period. The calculation is based on the earnings for the period. The Student Loans Company is only informed of the total annual payments at the end of the year, so students should maintain their own records.

Repaying through Self Assessment involves making payments to HMRC. The Student Loans Company is only informed of total repayments at the end of each year. Anyone who lives overseas makes payments directly to the Student Loans Company. These are credited to the account as received and interest is applied at the end of each month.

After their student loans become due for repayment, individuals receive a statement at the end of each tax year regarding annual repayment information. To estimate balances at other times, students can start with their most recent statement and deduct payments noted on the P60 and wage slips. They can also visit the Student Loans Company website to check the most recently recorded balance.

ahzig jen

Student loan complaints quadruple:

Complaints made by students and graduates about the handling of their loans… http://aol.it/klFvPL

perjah

Why would you wanna come here in the UK. the goverment is pants and its going down the shitter

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