Analysis · GOV.UK · 18 June 2026
The Student Loans Company (SLC) is contacting some Plan 2 customers about corrections to their balances: What It Means for Your Student Loan
Written by Zubair Arshed FIA, Chartered Actuary
Fellow of the Institute and Faculty of Actuaries
Actuarial Post Life and Health Actuary of the Year 2024
The Student Loans Company has begun contacting a group of Plan 2 borrowers to say their loan balances are being corrected. A restated balance sounds alarming, but for most people the practical effect on monthly repayments is smaller than the headline number suggests. Here is how to read the letter and work out what actually changes for you.
This analysis responds to reporting by GOV.UK. We recommend reading the original alongside it: The Student Loans Company (SLC) is contacting some Plan 2 customers about corrections to their balances ↗
What has the SLC actually reported?
The GOV.UK notice confirms that the SLC is writing to some Plan 2 customers about corrections to their balances. That is the full extent of what has been announced publicly. The notice does not say whether corrections push balances up or down, how many borrowers are affected, or what caused the errors, so treat any specific cause as unconfirmed until your own letter arrives.
Balance corrections at the SLC usually stem from a handful of routine issues: interest applied at the wrong rate, repayments deducted through PAYE that were not matched to the account promptly, overpayments where someone kept paying after clearing the loan, or employer reporting that lagged behind reality. None of these are new phenomena. What is new is that the SLC is proactively contacting the affected cohort rather than waiting for borrowers to query it.