Over 400,000 customers have now used the Student Loan Company's (SLC) digital refund service.

The SLC introduced a new service into the online account for repayment customers in May 2024 and has released data on the first six months of operation.

The SLC says its simple, digital service is an easy way for customers to self-serve, requesting a Below Threshold Refund, which is then paid directly into their bank account.

Under the repayment regulations, there are four refund scenarios, which the publication covers. These are 'below threshold refunds', 'over-repayment refunds', 'early repayment refunds' and 'wrong plan type refunds'.

Steven Darling, Customer Experience Director at the SLC, said:

'At the SLC, we want to provide the best possible customer experience, and from the feedback we receive from customers, they want to be able to self-serve in their online account.

'With a below threshold refund being the most common reason why a customer might be eligible for a refund, we've made it quick and easy to request a refund through the online account. The figures in our latest report demonstrate the value of these improvements, with £61.6 million being paid to 248,000 customers since May 2024.

'I would encourage customers to keep their contact and bank details up to date in their online account to ensure they don't miss any key communication regarding refunds.'