Student loan online accounts to undergo overhaul in 2020

Student loan

The government is promising an overhaul of how the graduates are able to access their student loan accounts online. The department of education has said that a new online repayment service will be launched in the year 2020 which will offer graduates more up-to-date information.

This will be done to modernize the Student Loans Company repayment system and make it easier for students to understand their balance and manage their loan. To avoid overpayments, the government is also advising graduates to shift from salary deductions to direct debit towards the end of their loan.

Student Loans Company online repayment website does exist currently but the new repayment service will have more up-to-date information than now that the graduates are currently able to access.

The new service will basically replace annual paper statements however those who prefer the existing paper statements will still be able to receive them. University tuition fees in England now is £9,250 a year and students are able to get a government loan to cover the cost as well as borrow money for living costs.

From April 2020 graduates will only need to start paying back their loans once they are earning £26,575 a year.