Latest News

Repayment Threshold Change

Income Contingent Repayment Loans

From April 2013 the UK Repayment Threshold for Plan 1 Loans will change from £15,795 to £16,365

Interest Rate Announcement - 21/08/2012

Income Contingent Repayment Loans

From 1 September 2012, until further notice, the interest rate set for the existing Income Contingent Repayment Loans will be 1.5%

From 1 September 2012 until 31 August, the interest rate for the existing Income Contingent Repayment Loans will be the lower of the Retail Price Index in March 2012, or 1% above the highest base rate of a nominated group of banks. As March's RPI was 3.6%, the maximum rate of interest you will be charged between 1 September 2012 and 31 August 2013 is 3.6%. However, due to the low interest rate cap, the rate from 1 September 2012 will be 1.5% until further notice, but that rate may vary if the bank base rate is increased or decreased.

New System Income Contingent Repayment Loans 2012 (For customers in England and Wales)

From 1 September 2012 until 31 August 2013, the interest rate for ICR loans taken out in 2012 will be 6.6% (RPI, plus 3%).

Mortgage-Style Loans (loans taken out before 1998)

From 1 September 2012 to 31 August 2013, the new interest rate for 'Mortgage Style' loans will be 3.6% as interest is linked solely to RPI. From 1 September 2012, the deferment threshold for mortgage style loans will be £27,813. If you have a gross income of £27,813 per year or less, you may be eligible to apply for deferment.

Need more information?

Find out more information about Income Contingent Loans

Mortgage Style Loans

Cookies on the Student Loan Repayment site - 28/05/2012

This website uses cookies to help make it more useful for you and to help us understand how our customers use the site. For more information about what cookies this website uses and what they are for, visit our security information page.

Your Security is Important to us - December 2011

At Student Loans Company, we take your security very seriously and are committed to protecting you whenever you use our services. To help us do this you should always have your Customer Reference Number and Secret Answer available before speaking to one of our advisors. If you don't have your Customer Reference Number and Secret Answer you will be asked some additional security questions before we can access your account and help with your enquiry.

Completing your repayment term - advice to customers on repayment options - 28/09/2011

If you are within two years of repaying your loan in full you can now choose to make your remaining monthly repayments by Direct Debit rather than through PAYE.

Student loan repayments are usually collected through the tax system with the Student Loans Company only able to monitor your balance on an annual basis, rather than monthly. This means that it is possible you could repay more than is outstanding on your loan.

If you choose to set up a monthly Direct Debit to pay your remaining balance then we can calculate exactly when you are due to repay, making sure you only pay exactly what you owe.

For more information about repaying by Direct Debit, see completing your repayment term.

Filling in a P46 form - 22/08/2011

When you start a new job you might be asked to complete a P46 form. Box D on this form asks if you have a student loan to repay.

You should only enter X in Box D if:

You have an ‘Income Contingent’ Loan and
You have graduated or left your course for good and
You have an outstanding balance on your ‘Income Contingent’ Loan

Do not enter X in Box D if:

You only have a Fixed Repayment Loan or
You have not graduated or left your course - this also applies to sandwich course students who only come into repayment in the April after their course has finally finished.

If you enter X in Box D, student loan repayments will be taken from your salary.

If student loan repayments are currently being taken from your salary and you believe this may be incorrect, please call us on 0845 0738 891 (open Mon-Fri from 8.00am to 8.00pm).

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