u/Ok_Light3447

I’m one of the lucky Plan 2 borrowers who recently learnt that they’ve underpaid interest and I’d really appreciate some help figuring out what rate I’ve actually been accruing interest at, and therefore whether SLC’s explanation makes sense.

I’ve reviewed my statements and noticed discrepancies: e.g. my May 2022 statement shows I was charged 4.2% interest in September 2021 (the interest cap at the time). Whereas my May 2023 statement, which covers some of the same historical period, suggests I was charged interest at 1.5% in September 2021.

Which statement / interest rate is correct?

Context / why it matters (in case anyone cares):

- April 2026: Contacted SLC for my settlement figure and paid my student loan in full that day (or so I thought).
- April 2026: A further £400 was deducted from my salary because the payroll deduction wasn’t stopped in time, leaving my account in credit.
- May 2026: I called SLC and was told the £400 would be refunded within a few days.
- May to June 2026: An infuriating series of phone calls where I was repeatedly fobbed off with no explanation for the delay
- Today: Received an email stating that insufficient interest had been applied to my account for the 2021/22 and 2022/23 tax years. As a result, I’m no longer due the £400 refund because it has been used to offset the undercharged interest.

If the May 2022 statement is correct, I don’t understand how I could’ve underpaid interest when it appears I was consistently paying the maximum applicable rate. If the May 2023 statement is correct, I should probably keep quiet.

Turned off Royal Mail due to all the issues people have been experiencing over the last couple of days. Someone has just purchased using Evri instead and now I haven’t been sent any shipping QR code at all? This chat is for a sold item but no notification saying it’s sold or option to download the code?