The Student Loans Company (SLC) is contacting some Plan 2 customers about corrections to their balances. Around 71,000 customers (approximately 1.3% of current Plan 2 customers) have been affected by technical issues.
SLC and HM Revenue and Customs (HMRC) are very sorry that this happened.
Affected customers won’t need to take any action and regular repayment amounts will not change as a result of these issues. SLC will contact customers whose balance has increased due to these issues.
Two technical errors meant interest had been worked out incorrectly for a minority of Plan 2 customers. Any changes to the balance will be reflected in customers’ next annual statement, which will be available in their online account before the end of September.
One error was caused by a technical issue meaning the wrong income information was used when interest was calculated. The other was the result of a HMRC income reporting error which affected people who had income through both PAYE and Self Assessment. Both errors have now been fixed, and interest will be applied correctly going forward.
If you have already paid off your loan in full, you will not have to start repaying again and if you have paid off more than you should have, you will receive a refund.
SLC and HMRC take their responsibilities to customers seriously and remain committed to putting things right when issues occur.