Every year, people in the UK pay back too much on their student loan repayments unnecessarily. That’s why we want to remind everyone how easy it is to avoid repaying more than you owe on your student loan.
We’ve made it easy to make sure you only repay what you owe, and not a penny more. Follow our tips on what to do when you’re coming to the end of repaying your loan, they’re really simple!
1. Keep your contact details up to date.
We know we’re probably not the most popular number in your contacts, but if we don’t have up to date details to get in touch with you, you could miss an important message from us! You can log in to your online repayment account to update your contact details, it only takes about 5 minutes.
2. Join the direct debit scheme when you’re invited.
When you’re close to the end of repaying your loan, we’ll be in touch to help set up a fixed monthly direct debit payment, which means you won’t repay more than you owe! But we can’t get in touch with you if we don’t have your correct contact information, so that’s why keeping your contact details up to date is so important.
3. Check your student loan balance to see if you’re close to repaying.
What could be more satisfying than watching your student loan balance get lower and lower every month?! You can check this by signing in to your online repayment account, and if you’ve already repaid more than you owe, you’ll be due a refund! Result!
4. Keep your bank details up to date.
This way, if you are due a refund, we can send it to you automatically, without any hassle!
Coming to the end of repaying your loan
Follow our top tips when coming to the end of repaying your loan so you don’t repay more than you owe!