Following a change in the interest rate for mortgage-style student loans from 1 September 2015, Erudio customers are reminded they may need to amend their standing order amounts.
On 1 September 2015 the interest rate applicable to Erudio Student Loans reduced from 2.5% to 0.9% (rate applicable to 31 August 2016). As part of this change, we are writing to customers to inform them of their new repayment amount.
For customers who pay via Direct Debit, no action is required as repayment amounts will be updated automatically. However, for customers paying by standing order it is important you amend these to reflect your new amount as you could be inadvertently paying more than you need to.
It is also worth checking who your standing order is paid to. When loans were migrated from the Student Loans Company (SLC) to Erudio Student Loans, customers paying by standing order were asked to amend the payee accordingly (standing orders should now be payable to Erudio Student Loans, account number 54860691, sort code 40-27-15). When amending your standing order amount please ensure this information is correct and that you include your 16 digit Erudio customer reference number as the reference.
Customers who have repaid their loans in full may need to cancel their standing orders completely.
Customers in any doubt should call us on 0333 003 7188 or email firstname.lastname@example.org