Early settlement of student loan

The request was successful.

Dear Student Loans Company Limited,

Would you please tell me if you offer a discount for early settlement of a student loan for some or all students.

How is the settlement quote calculated?

Yours faithfully,

Tania Lake

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FOI Requests, Student Loans Company Limited

Dear Tania Lake
Thank you for your email dated 10th November 2021.
Your request is being considered under the terms of the Freedom of
Information Act 2000 (“FOIA”).
Your request has been allocated reference number 189-21.
We will respond to you under the terms of the FOIA and within 20 working
days.
We will contact you further for clarification of your request if this is
considered necessary.  
Yours sincerely
Louise Chapman | Senior Legal Executive
Freedom of Information Office
Student Loans Company
100 Bothwell Street, Glasgow G2 7JD

[1]www.gov.uk/slc
Follow us at [2]Twitter/SLCcomms for the latest corporate news and updates

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FOI Requests, Student Loans Company Limited

Dear Ms Lake

We refer to your recent email dated 10^th November 2021 requesting the
following information under the Freedom of Information Act 2000 (“FOIA”):

“Would you please tell me if you offer a discount for early settlement of
a student loan for some or all students.

How is the settlement quote calculated?”

Response

Question 1
We can advise that there is no discount offered for early settlement of a
student loan for any student loan borrowers.

Question 2
Settlement quotations for borrowers wanting to know their exact balance,
e.g. if they are considering repaying their loan in full, can be provided
to student loan borrowers at any time and are calculated based on the
outstanding balance, less any student loan repayments which may have been
made but which SLC has not received the repayment information as yet from
HM Revenue & Customs, plus interest (which is charged from the date of
first payment until the loan is repaid in full).  

Student loan borrowers only become liable to repay their student loan in
the April following graduation or otherwise leaving their course (or in
the April 4 years after the course started for those who studied
part-time).  They are under no obligation to make any repayments until
then, and then only when they earn above the applicable repayment
threshold.  Borrowers can choose to make extra or additional voluntary
repayments towards their student loan balance, although are not under any
obligation to do so.  Further information on making extra repayments can
be found online at
[1]https://www.gov.uk/repaying-your-student....

Internal review process

If you are dissatisfied with the handling of your request, you have the
right to ask for an internal review.

Internal review requests should be submitted within two months of the date
of receipt of the response to your original request and should be
addressed to the Freedom of Information Office, Student Loans Company
Limited, 100 Bothwell Street, Glasgow, G2 7JD,  or by email:
[SLC request email].  Please remember to quote the reference number
above in any future communications.

If you are not content with the outcome of the internal review, you have
the right to apply directly to the Information Commissioner for a
decision.  The Information Commissioner can be contacted at:

Information Commissioner's Office
Wycliffe House  
Water Lane  
Wilmslow  
Cheshire  
SK9 5AF

Yours sincerely

Louise Chapman | Senior Legal Executive
Freedom of Information Office
Student Loans Company
100 Bothwell Street, Glasgow G2 7JD

[2]www.gov.uk/slc
Follow us at [3]Twitter/SLCcomms for the latest corporate news and updates

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