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Repaying your loan

 

You will normally repay a Mortgage Style Loan in monthly instalments by Direct Debit.


If you have four or fewer loans for courses beginning before 1998, you will repay them over 60 monthly instalments.


If you have five or more loans you will repay them over 84 monthly instalments.


The monthly repayment amount is calculated on the basis of the total amount borrowed, plus interest (based on the rate of inflation), divided by the total number of months over which you repay.


If you earn under a certain amount, you may be eligible to defer (postpone) your student loan repayments. For more information please see Deferring your loan repayments


Your current balance

You can use your online account to see how much you still owe. Find out How to use your online account


Loan cancellation

Under certain circumstances we may cancel your liability to repay your loan. We will not cancel your liability to repay if you are behind on any repayments for a student loan.


For example, your loan may be cancelled if:

  • You were under the age of 40 when your last agreement for a student loan was made and you reach the age of 50.
  • You were aged 40 when your last agreement for a student loan was made and you reach the age of 60.
  • Your last agreement for a student loan has been outstanding for no less than 25 years.

If you are permanently unfit for work and can provide evidence to show that you receive disability related benefit we may also be able to cancel your liability to repay your loan.


If a student or former student passes away

If a student or former student dies, you should write to us and let us know. You will need to send in the student’s original death certificate or coroner’s report.


You should send this to:


Douglas Gould,
Student Loans Company Limited,
100 Bothwell Street,
Glasgow,
G2 7JD


We will then return the death certificate or coroner’s report to the person who sent it in.


If an account is in arrears

If an account is in arrears we will actively contact the customer to discuss repayments of the outstanding balance to bring the account up to date as quickly as possible, whilst ensuring that any arrangement is tailored to each particular customers own financial circumstances.


As part of this process we will send letters to those customers who are in arrears and we will also attempt to contact them by telephone where possible. All of our Collections processes comply with the Credit Services Association Code of Practice which can be viewed at the Credit Services Association website.


If your account is in arrears we would encourage you to contact us on 0300 100 0631 to enable us to help you resolve the situation.

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