Student Loan – 8 things you should know

Education, For the employee, Students 1 Minute

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

Find out which
plan type you’re on

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

Check the current
repayment thresholds

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

Update your contact details
on your online account

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

Find out how
you can make extra repayments

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

Let us know
if you’re leaving the U.K.

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

7. Your loan will eventually get written off

Find out
when your Loan will be written off

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

Learn more
about switching to Direct Debit

PAYadvice.UK 13/7/2020

Published by psimonparsons

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