Repaying your student loan
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.
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
- 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 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
- 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
Call or contact SLC on social media 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 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.
Contact the Student Loans Company
The Student Loans Company
Telephone: 0300 100 0611 (England, Northern Ireland or Scotland)
Telephone: +44 (0)141 243 3660 (outside the UK)
Monday to Friday, 8am to 6pm
Telephone: 0300 100 0370 (Wales)
Monday to Friday, 8am to 6pm (not open on bank holidays)