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<p> </p><p>HMRC collates employer information on student loan deductions at the end
of each tax year and provides this information in P14 “end of year summaries” to the
SLC. The SLC calculate interest and statements are issued to borrowers, advising them
of their deductions, interest and outstanding balance at the end of the tax year.
This process is repeated annually until all student loan repayments are collected.</p><p>
</p><p>The repayment information held by the SLC will, as a result of this system,
be accurate to the April of the previous tax year. The SLC is not in a position to
provide an accurate settlement of a borrower's balance more recently than the previous
April. However, the borrower can track and monitor their own settlement balance online
if they retain a note of all their repayment deductions made over the tax year.</p><p>
</p><p>HMRC, BIS and SLC are currently discussing arrangements to share student loan
repayment information more quickly, but there is no mechanism to do so in the current
tax system and necessary changes will take some time to implement.</p><p> </p><p>
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