Student loans: new online service in the pipeline

The Government has announced that a new online student loan repayment service will be launched in 2020. 

This online service is being developed as part of a wider programme of improvements which aim to modernise the Student Loan Company (SLC) repayment system.  The intention is to provide graduates with more up to date information on their student loan balance and replace the existing paper statements (though these will be maintained for those that need them).  

The new online system follows on from new legislation introduced in 2019 which brought in more frequent data sharing between the SLC and HMRC with the aim of providing graduates with more up to date loan balances.  

In order to reduce the number and amount of overpayments made by graduates, the Universities Minister Chris Skidmore is also encouraging them to switch from automatic deductions from their salary to direct debits when they near the end of their repayment term.

 

Posted in: Employment