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Repaying your student loan

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Make extra repayments

You can choose to make extra repayments towards your student loan. These are in addition to the repayments you must make when your income is over the threshold amount for your repayment plan. There’s no penalty if you make extra repayments.

You cannot get a refund of any extra repayments you make.

You might not benefit from making extra repayments because your loan will be written off at the end of the loan term. Before you make an extra repayment, check when your loan will be written off.

You should speak to a financial adviser if you’re unsure whether you should make extra repayments or not.

If you decide to make an extra repayment, you can choose how it is applied to your loan. For example, you can use it to reduce the total balance of your loan or to reduce the balance of a specific plan (if you have more than one plan).

If you do not choose how the repayment is applied, the Student Loans Company (SLC) will decide how it’s applied for you.

If you’re a full time student from Wales, you may be able to get £1,500 of your Maintenance Loan written off.

Make a repayment without signing into an account

You can make a card repayment towards your loan or someone else’s without signing into an online account.

You need the person’s surname and customer reference number (CRN).

Make extra repayments from the UK

You can make extra repayments:

  • through your online account
  • by bank transfer
  • by cheque

Online account

Sign in to your online account to:

  • make a repayment using a debit card
  • set up a Direct Debit

Bank transfer

To make a bank transfer or set-up a standing order from a UK bank account you must use the following bank details:

Account name: Student Loans Company
Sort code: 60 70 80
Account number: 10027254

Use one of these as your reference:

  • customer reference number (CRN)
  • grant reference number (if it’s for a grant repayment)

Your payment will not be applied to your student loan account if you do not use your reference number.

Cheque

To pay by cheque make your cheque payable to Student Loans Company Ltd and send it to:

Finance Department
Student Loans Company Ltd
10 Clyde Place
Glasgow
G5 8DF

You need to write your customer reference number (CRN) on the back of your cheque. If you do not, your payment will not be applied to your student loan account.

It takes longer to process cheques than payments made by debit card or bank transfer. Your cheque will be backdated so you will not build up additional interest because of the delay.

Make extra repayments from overseas

You can make extra repayments:

  • through your online account
  • by International Bank Transfer (IBAN)

Online account

Sign in to your online account to:

  • make a one-off or set up recurring card payments using an international debit card
  • set up a Direct Debit

International Bank Transfer

To transfer money from a non-UK bank account, use the following details:

IBAN: GB37NWBK60708010027254
SWIFT: NWBKGB2L
NatWest Government Banking Team
NatWest Customer Service Centre
Brampton Road
Newcastle-under-Lyme
Staffordshire
ST5 0QX

Use one of these as your reference:

  • customer reference number (CRN)
  • grant reference number (if it’s for a grant repayment)

Your payment will not be applied to your student loan account if you do not use your reference number.

Pay your loan off in full

You can contact the Student Loans Company to find out:

  • the total amount you owe (this is called the ‘settlement amount’)
  • the date you need to pay by (this is called the ‘settlement date’)

You’ll need your customer reference number (CRN) and your latest payslip (if you’re employed.)

Once you know the total you owe, you can pay by debit card over the phone, bank transfer or cheque.

If you do not pay the settlement amount by the settlement date, you’ll need to contact SLC again. This is because the amount you owe might have changed. You’ll only need to provide any recent payslips or calculations since you last called.

View a printable version of the whole guide

This page is Part of Start a new job: step by step

  1. Step 1 Get your National Insurance number

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    1. Find your National Insurance number
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  2. Step 2 Accept the job offer

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    Give your new employer what they need to complete any pre-employment checks.

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  4. Step 4 Review your employment contract

    Your new employer should give you an employment contract. Check the terms before you agree to it.

    1. Find out about employment contracts

  5. and If you're leaving a job, hand in your notice

    Tell your current employer that you’re going to leave and when your last day will be. This is known as handing in your notice.

    1. Find out how to hand in your notice

    When you hand in your notice, ask your employer when you’ll get your P45.

    1. Find out about the P45

  6. Step 5 Prepare your personal information for your first day

    To get paid, you’ll need to give your new employer:

  7. Step 6 Give your P45 to your new employer

    Your new employer will use your P45 to work out how much tax to take from your pay.

    1. Find out about the P45

  8. or If you do not have a P45, fill in the starter checklist

    Use the starter checklist to give your employer details they need to work out your pay and tax.

    1. Fill in the starter checklist

  9. Step 7 Check your first payslip

    Your employer must give you a payslip on or before payday.

    1. Find out what should be on your payslip

    It’s your responsibility to make sure you’re paying the right amount of tax.

    1. Check if the tax on your payslip is correct

    If you think the tax is wrong, your tax code may be incorrect.

    1. Find out what to do if you think your tax code is wrong