Overview
- The Student Loans Company on Thursday said it is contacting about 71,000 Plan 2 borrowers after two separate errors led to wrong interest calculations on their accounts.
- One fault was an internal technical error that used incorrect income data when applying interest and the other was an HMRC reporting mistake for people with both PAYE and self‑assessment income.
- SLC estimates roughly 41,000 accounts were overcharged and about 30,000 were undercharged, and customers do not need to take action while corrections are applied.
- Any overpayments will be refunded, loans already fully repaid will not be restarted, and SLC says regular monthly repayment amounts should not change as a result.
- The fixes come as student loan interest rules face closer public scrutiny after an April decision to cap Plan 2 and Plan 3 rates at a maximum of 6% for 2026/27, which has raised wider concern about rising loan balances.