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Repaying through Self Assessment

 

When does repayment begin?

You will normally make student loan repayments in the tax year that begins after you graduate or leave your course.


For example, if you graduated in June 2009 you would be liable to pay student loan deductions on your income from April 2010. This means your student loan repayment for tax year 2010/11 (along with your tax, National Insurance etc for tax year 2010/11) would be due by 31 January 2012.



How are repayments made?

HM Revenue and Customs (HMRC) will send you a self assessment tax return after the end of each tax year.


If you complete and return your self assessment form by 31 October, HMRC will calculate how much you need to pay for tax, National Insurance and also student loan repayments. Otherwise, you will have to do the calculations yourself.


You will need to send any payment due to HMRC by 31 January following the relevant tax year.


HMRC will then pass the details of your student loan repayment amount to us and we will apply this to your account.



Working Overseas

If you have been working overseas and making student loan repayments directly to SLC and you have received a demand for payment for the same tax year from HMRC through your Self Assessment statement, please contact us on 0300 100 0611 for further information and advice.


If you are currently overseas please call us on +44 141 243 3660.



HMRC Self Assessment Factsheet

HM Revenue & Customs have produced a factsheet on the collection of Student Loans for Self Assessment (SA) Customers which will provide you with a lot of useful information.


The factsheet also covers some potential queries you may have, including what will happen if your SA Repayment results in an overpayment of your student loan.


You can pay off your loan more quickly by making extra repayments voluntarily. You can do this anytime by using the Make a Payment service

If you do choose to make voluntary repayments, you will pay your loan off more quickly. However, any voluntary repayments will not affect the amount collected through the tax system. If you are a self assessed customer, you will still have to pay the amount due based on your income for the year. You cannot get a refund of any amounts you repay voluntarily, unless you have finished paying off your loan and paid too much.

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