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  • FIRST POST
    • ArthurS
    • By ArthurS 5th Dec 17, 11:50 AM
    • 1Posts
    • 0Thanks
    ArthurS
    Student Loan Repayments
    • #1
    • 5th Dec 17, 11:50 AM
    Student Loan Repayments 5th Dec 17 at 11:50 AM
    So I have a student loan (post-2013) and I work on commission, which means my pay varies every month. Which means there are some months when I pay back A LOT of my student loan, and other when I pay back very little.
    This doesn't seem fair.
    The way tax works with commission earners makes sense - you get taxed appropriately for that month but then get a rebate at the end of the financial year if you have (inevitably) paid to much or too little due to the inconsistency of pay. However comparing that to student loan, you don't get a rebate. Because it's a loan.
    So by the end of the year i may have only actually earned a small/average salary, but because I have had a few larger pay cheques, I have paid back more student loan than someone on the same salary (not on commission).

    Is this right?

    Can anything be done to control the amount of student loan I am actually paying?
Page 1
    • spadoosh
    • By spadoosh 5th Dec 17, 12:02 PM
    • 4,689 Posts
    • 6,142 Thanks
    spadoosh
    • #2
    • 5th Dec 17, 12:02 PM
    • #2
    • 5th Dec 17, 12:02 PM
    You can reclaim student loan overpayments.

    Its wrong if it doesnt work out at 9% of earnings over £21,000, how much will you earn and how much student loan will you pay?
    Don't be angry!
    • TrustyOven
    • By TrustyOven 5th Dec 17, 1:21 PM
    • 675 Posts
    • 718 Thanks
    TrustyOven
    • #3
    • 5th Dec 17, 1:21 PM
    • #3
    • 5th Dec 17, 1:21 PM
    You'll pay off the loan quicker. Meaning you will be debt-free sooner than the other person.

    Be happy that you are paying it off faster and carry on.
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
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