In the final months of the loan term, customers are notified by SLC and encouraged to switch to Direct Debit repayment to ensure they don’t make unnecessary over-repayments. As part of a range of improvements to the ORS, customers no longer have to call SLC directly to switch to the repayment method as they can update their preference using the new feature in their online account.
ORS was launched in July 2020 to make it easier for customers to check their balance or refund, keep their contact information up-to-date and manage the end of their loan options. Since launch, over 3.6 million customers have used the service.
Bernice McNaught, Executive Director for Repayments and Customer Compliance, at SLC said: “SLC is committed to improving the customer experience, and our strategy is to ensure our services are supportive, intuitive, and trusted by customers. We have made a number of improvements for our repayment customers in recent years as we want our customers to be able to do more in their online accounts. This includes having essential information in the one place and being able to access a number of self-serve tools at their fingertips.
“This new feature is another welcome enhancement and will help our customers to take control of their end of loan repayments.”
Customers can log into their online account 24/7 at a time that suits them by visiting: https://www.gov.uk/sign-in-to-manage-your-student-loan-balance