Urgh, student loans - they’re something no one looks forward to repaying. But whether you like it or not, you’ll need to do this someday!
Once you begin your repayments, it’s important to monitor your balance as you go. This will help you stay informed about your loan repayment status. Keeping on top of this is super helpful when it comes to effectively planning your finances. You know what they say - knowledge is power!
Fortunately, checking your student loan balance is a pretty straightforward process. Let’s break it down:
Why Do I Need To Check My Student Loan Balance?
So, what is your student loan balance and why should you check it?
Your student loan balance will tell you the total amount you owe, as well as the amount you’ve paid so far. You can also have a look at how much interest you’ve accumulated over time.
All in all, your balance will show you how much you have paid and how much you have left to pay.
How Do I Check My Student Loan Balance?
So, it’s time to face the music! But how do you check?
The most simple and easy way to check your student balance is by accessing your online account. This can be done through the gov.uk website.
To do this, you will need your customer number or email address. Make sure to also have your password and secret answer ready. If you don’t know these, you can re-set them using the email address you used to apply for your loan.
If you want a paper version, you can also request this online.
What Does Your Student Loan Balance Tell You?
When you log in, you’ll be able to see how much you still owe and how much you’ve paid back so far. This will help you to handle and budget your money effectively.
But besides checking your balance, logging on to your account also gives you access to other handy features.
For example, if you log on to your balance, you can select the option to make a one-off repayment. It might seem counterintuitive to give more money to the SLC than you have to. But remember, your student loan earns interest over time so paying it off quicker will save you money in the long run. In fact, increasing your contributions could help you get out of debt quicker - always a good thing!
Or, if you’ve had a big break, you might want to repay your student loan all in one go. Ok, coming into £40k might sound unlikely, but you never know!
Aside from the financials, your student loan account can also tell you what repayment plan you’re on. And, it can inform you of any letters or emails the SLC has sent you. If you’re living overseas, you may also repay in your local currency via your account.
Luckily, checking your student loan balance is a simple and uncomplicated process.
Just log on with the correct details and you can view how much you’ve paid. And, the slightly less pretty sight, see what you have left to shell out.
By getting into the habit of checking your student loan balance, you can keep an eye on your debt. This will be super useful when it comes to your financial planning and budgeting. So, when you next have a spare five minutes, just head over to the gov.uk website to get checking!
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