How to repay
Your repayments will be taken out of your salary at the same time as tax and National Insurance if you’re an employee. Your payslips will show how much has been deducted. You should check your employer has you on the correct repayment plan.
You start repaying when your income is more than the minimum amount.
There’s no penalty if you make extra repayments to pay some or all of your loan off early.
If you’re self-employed
If you’re an employee and you do a tax return
If you earn over the minimum amount, your employer will deduct loan repayments from your salary.
Check your payslips or P60 to see how much of your loan you’ve paid off during the tax year. You’ll need to include this information when you fill in your tax return.
The tax year runs from 6 April to 5 April the following year.
If you leave the UK for more than 3 months
You will need to tell the Student Loans Company (SLC). They will work out if you have to repay while you’re not in the UK and if so, how much you need to pay.
The rules for repayment are the same as in the UK, apart from different repayment thresholds for each country.
If you’re abroad, your repayment amounts are based on:
- the minimum amount under Plan 1 for that country
- the minimum amount under Plan 2 for that country
- the minimum amount under Plan 4 for that country
- the minimum amount under the Postgraduate Loan plan for that country
Once SLC have told you how much you need to repay, you can make repayments:
- through your online account
- by International Bank Transfer (IBAN)
- make a repayment using an international debit card
- set up a direct debit
You can also use your online account to update your contact details and make extra repayments.
International Bank Transfer
To transfer money from a non-UK bank account, use the following details:
NatWest Government Banking Team
NatWest Customer Service Centre
Use one of these as your reference:
- customer reference number
- grant reference number (if it’s for a grant repayment)
Checking your repayments
You can check your repayments and balance in your:
- annual statements from SLC
- online account
If your contact details change, you must update them in your online account.
Avoid paying more than you owe
If you have nearly repaid your loan, you may be able to make your final repayments by direct debit instead of from your salary.
This makes sure your employer will not accidentally take more than you owe.
SLC will contact you in the final year of your loan repayments to let you know how to set up a direct debit.