Help With Student Loans - HERE!
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Interesting. A couple of questions:
1. Hmrc will realise that the customer is over the threshold from the P60s. Will that then trigger slc repayments as salary deductions in the following tax year? ie hmrc sees total pay in year is over threshold and could notify one employer to make the deductions?
2. Event though no paye deductions have been made, would the customer be liable for the repayments anyway. I'm thinking the parallel is someone working overseas and needs to arrange the payments themselves.
It's perfectly consistent with the regulations that (as with natonal insurance) the threshold applies in full per employment. There are separate parts to the regulations covering repayments for people who are required to submit a tax return such as the self-employment where total income is used, and those who work abroad. Otherwise no further repayments are due if the borrower works in the UK.
http://www.legislation.gov.uk/uksi/2009/470/contents/made
Amount of repayments
44.(1) The repayment deducted must be 9% of any earnings paid to, or provided to or for the benefit of, the borrower in respect of the employment which exceed the threshold specified in paragraph (2).
(2) The threshold is-
(a) £15,000, where the earnings period specified in respect of those earnings is a tax year; or
(b) in any other case, the amount which bears the same relation to £15,000 as the number of days, weeks or months of the earnings period specified in respect of those earnings bears to the number of days, weeks or months in the tax year respectively.
These regulations have subsequently been amended several times, e.g
http://www.legislation.gov.uk/uksi/2011/784/regulation/10/made0 -
Question! Any help would be great!
I studied in Northern Ireland for 4 years (2 years foundation degree & 2 years bachelors) 2011 - 2015.
I paid my student finance back as normal when working in the UK. I!!!8217;ve since started a job in Dublin in April 2017, and I pay £100 per month.
I feel it!!!8217;s quite a lot, and I!!!8217;m struggling to afford city life as it is. Student Loans Company told me they can!!!8217;t reduce my monthly payment.
What can I do?0 -
Question! Any help would be great!
I studied in Northern Ireland for 4 years (2 years foundation degree & 2 years bachelors) 2011 - 2015.
I paid my student finance back as normal when working in the UK. I've since started a job in Dublin in April 2017, and I pay £100 per month.
I feel it's quite a lot, and I'm struggling to afford city life as it is. Student Loans Company told me they can't reduce my monthly payment.
What can I do?
Check your student loan payments to check that you are paying the right amount back. Other than that it is a budgeting issue.I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Hi my son left his degree course after 18 month and started another 3 yr degree paid for by the NHS so he has a debt of £18000 I know he won't start paying that off until he's above the app threshhold would you advise him to pay this loan off asap with interest rates ect thanks0
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Hi my son left his degree course after 18 month and started another 3 yr degree paid for by the NHS so he has a debt of £18000 I know he won't start paying that off until he's above the app threshhold would you advise him to pay this loan off asap with interest rates ect thanks
Only if his career path suggests he is going to be a high earner.
He could put some numbers in the calculator to judge whether he will pay all the loan back.
https://www.moneysavingexpert.com/students/student-finance-calculatorI'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Hi guys,
With the (much welcome!) news that student loan repayment threshold in Eng is to rise from £21k to £25k in April this year, I am wondering if the lower interest rate threshold (currently also £21k) will be similarly rising - or is it just a coincidence that the two are the same number? Haven't heard anything either way in the media so I assume it is staying the same?
Also, is it possible to request a breakdown from SLC about how they have calculated the outstanding loan amount?0 -
Hi guys,
With the (much welcome!) news that student loan repayment threshold in Eng is to rise from £21k to £25k in April this year, I am wondering if the lower interest rate threshold (currently also £21k) will be similarly rising - or is it just a coincidence that the two are the same number? Haven't heard anything either way in the media so I assume it is staying the same?
Also, is it possible to request a breakdown from SLC about how they have calculated the outstanding loan amount?
https://www.theyworkforyou.com/wms/?id=2017-10-09.HCWS145.h0 -
Thanks! Funny none of the news articles link to the detail of the policy... :money:0
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Hi there,
If you earn over the salary threshold during exam-only attendance, do you still have to make your repayments? I've read that you don't make repayments until you graduate, but this doesn't seem true as I started paying back during exam attendance - i.e. after my lectures and seminars had finished (I took my exams the following year).
Any insight would be greatly appreciated
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sleepysocks wrote: »Hi there,
If you earn over the salary threshold during exam-only attendance, do you still have to make your repayments? I've read that you don't make repayments until you graduate, but this doesn't seem true as I started paying back during exam attendance - i.e. after my lectures and seminars had finished (I took my exams the following year).
Any insight would be greatly appreciated
You start paying back the April after you finish your course. So if you delayed taking exams but the official end date of your course was the previous Summer, you could have started making repayments before your exams.I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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