The government has promised an overhaul of how university graduates access balance information for their student loan repayments.
According to the Department for Education, a new online service will be launched in 2020 in order to allow graduates to easily keep track of their student loan accounts. A repayment website from the Student Loan Company (SLC) does already exist, but the new service is due to allow students to access more up-to-date information than is currently available.
The Universities Minister Chris Skidmore said regarding the overhaul;
“With more and more people enjoying the benefits of a university education, it’s only right that graduates have easy access to the information they need about repaying their student loan.
“I urge all graduates to use this new service and to join the direct debit scheme as they approach the end of their loan to ensure a smooth end and not repay more than they should.”
It is thought that the new service will help reduce the risk of students paying too much interest by mistake. It is understood that paper versions of statements will still be available, but the online service will offer an alternative.
As of 2019, university tuition fees in England stand at £9,250 a year and from April 2020, graduates will only need to start paying back their student loans once they are earning £26,575 or more a year.
