Had an email from the Student Loan Company saying they’ve listened to my feedback (no, not mine, they did not ask me) and decided I don’t want paper statements any more. One has to log in. Finally managed to log in and, bearing in mind I earn slightly more than the UK national average salary and I’m working full-time:
2020-21 summary
This summary shows any repayments you’ve made along with any interest added to your account since 6 April 2020.
|
Salary repayments Any repayments made through PAYE/Self |
-£622.00 |
| Interest added | +£721.02 |
I think we can safely say this debt will never get paid off, merely continue to grow.
On looking at how the payments are divvied up, the undergrad loan has an interest rate of 2.6% and the payment rate is set to be a bit less than the interest rate. The postgrad loan has an interest rate of 5.6% and again the payment rate is set to be a bit less than the interest rate. This is a shyster arrangement, specifically designed to maximise the interest and minimise the chance of reducing the debt.
No wonder they don’t want to send out annual paper statements, highlighting this egregious arrangement.