Student Loan – 8 things you should know

To make things easier, the Student Loan Company (SLC) have put together (10th July 2020) a list of 8 things:

1. There are different rules for repaying based on when and where you took out your loan

2. Your repayments are based on your income, not how much you borrowed

3. You need to keep your contact details up to date even after you finish studying

4. You can make voluntary repayments… but consider your circumstances carefully

5. Going abroad for more than 3 months? Let SLC know before you go

6. Your student loan doesn’t have any impact on your credit rating

7. Your loan will eventually get written off

8. You should switch to Direct Debit when you’re close to fully repaying to avoid over-repaying

PAYadvice.UK 13/7/2020

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