• slider-1.jpg
  • slider-2.jpg
  • slider-3.jpg

Why choose us?

Latest News

ICO issues notices of intention to fine BA and Marriott
17/07/2019 - More...
Following an extensive investigation,...

Reminder to sign up for Making Tax Digital before August
16/07/2019 - More...
VAT registered businesses with a...

Will you have to repay Child Benefit for 2018-19?
16/07/2019 - More...
The High Income Child Benefit charge...

Newsletter

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login

P&A taxapp

Using the latest technology, our app has been developed to provide you with useful tax tools and information via your mobile device. Download the apps below for FREE:

Google Play App Apple App

Want to pay-off your student loan in full?

Source: HM Government | | 14/05/2019

Student Loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is responsible for collecting the loans of borrowers outside the UK tax system.

Whilst many ex-students are happy to continue paying back their loans at the lowest level possible, it is of course an option to pay-off you student loan in full. This might be done for a number of different reasons that could include peace of mind by removing an ongoing debt repayment and reducing your monthly debt repayments. It is important to note that the interest rate payable on student loans varies and typically those started before 01 September 2012 pay lower rates.

Unlike many other debts, there are no penalties for clearing your student loan early so if you have other debts with significant penalties for making early repayments, this may be a good one to tackle first. However, if you have other debt with higher interest rates and no early repayment penalties then it might be more beneficial to tackle those debts first.

If you want to pay off your student loan you must first call the SLS to get an up-to-date settlement figure. If you have been making student loan repayments through your salary, then you should have your last P60 and all your payslips for the current financial year to hand when you call. This will allow the SLC to calculate an accurate figure for you.



Registrations

Company Registration No: 06706416
VAT Registration No: 395 9462 91

Our Address

P & A Accountancy Services (1984) Limited
32 Thorpe Wood
Thorpe Wood Business Park
Peterborough
PE3 6SR

Contact Us

tel: 01733 373100
This email address is being protected from spambots. You need JavaScript enabled to view it.