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Student Loan - Plan 2 and Plan 5 Repayment
Hi all, Recent sport & exercise science graduate here...and have just begun my MSc (pre-reg) Physiotherapy, a further 2 year course. I took out a Plan 2 loan for my undergrad, and have now took out a further loan to cover my Masters tuition fees. I was under the impression that my masters 'debt' would merge into my…
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9% Overall Threshold
If I have paid over the 9% Threshold in a specific year. Can I then claim the difference back?
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Ede & Ravenscroft Graduation photos con - how to avoid!
As a warning to others I thought I'd post my appalling experience of Ede and Ravenscroft and point out the alternatives so others aren't misled. Their website is deliberately vague and others have posted about how misleading the product descriptions for graduation photos are. Unfortunately they have the monopoly on these…
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When The Student Loan is Wiped
When is the Student Loan Wiped. Have a few questions around this. So does the Student Loan get viewed as a whole course over two or three years or is it per payment year. For example I did a course for 2 years 2004 - 2006. So thresholds are split. So will year 2004/2005 be wiped at 65 years old. Then year 2005/2006 be…
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Sole trader wanting to pay off student loan - tax implications
I am struggling to find the answer to this online - there seems to be mixed messages. I have never earnt enough to pay off any of my student loan so I am unsure how this works. I was wondering whether if I paid off a lump sum would it reduce my taxable income? So say I earnt 40k before tax and paid 10k off on my student…
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Repayment of Old Student Loan 1997 Advice
Looking for some help with student loans taken out in 1995. Both myself and my partner have messed up and were in arrears with our loan account when we passed the thirty years/turned 50. As a result the loans have not been written off. Anything we can do? Neither of us earn over the threshold to have been repaying the…
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Student Loan calculations not annualised or eligble for refund?
Hi all, I am plan 2 and over the past few years I have been just above the 27k payment threshold. As far as I can tell, student loan repayments are calculated on a month to month basis. This has meant that in my early career, when I was under the limit for 11 out of 12 months, but then got made redundant and received extra…
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Plan 1 & 2 Student Loan repayments
Hi, In summary, I went to university and flunked out after two years. This was back in the day, and I'm paying for this through a Plan 1 repayment. (around £7k left) I later grew up and went back to university and finished, this time! So I'm now also paying for a Plan 2 repayment. (around £44k left) I'm not sure if I…
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Student Loan repayments as a Part Time student
Hi, I'm looking for some clarity as I can't find any info on the main site and some advice if anyone can offer it to me. Since 2018 I've been working and studying part time as I look to change careers. I took student loan out as there is no way that I could afford to pay tuition fees. Originally I was due to graduate last…
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Stoozing with Student Loan Repayments
Hear me out... I currently pay my student loan back at ~£300/month. As we know, this is duplicitously calculated on pre-tax income, but deducted after tax. So, if I were to cancel PAYE repayments to SLC, I would have the full £300 in my bank account at the end of the month. Lucky me! Now SLC are a finnicky bunch and won't…
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student loan repayment
i have been repaying student loan from the april after my course finished. i work contract jobs so do have a few weeks off in between contracts. I have just looked at my statement for 21/22. It looks complete for the year but i have calculated that 9% of the difference between my income and the student finance threshold is…
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Student loan arrears
Hi! I have 4 old student loans from 1992-1996. I have never earnt over the threshold to repay and they have been deferred every year. I missed one year when I moved house and forgot to update mu address and this incurred arrears on my account. I'm now 51 and have had them ling enough for them to be wiped off... but they…
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Student Loan Help
I have been trying to
research and get some help regarding my student loan but I am finding so much
conflicting information online and was hoping for some guidance. I am currently earning
£50,000, but this is likely to increase in the near future. I am repaying a plan 1 loan. My current balance is
£30,000 and my last year…
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Tax on additional student loan repayments
The base student loan repayments come out of your Gross earning prior to your tax being calculated, so these ordinary payments are tax free. However of you make additional payments over and above the base payments, do these also come out of your Gross such that they are tax free? If the additional payments can be…
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Student loan interest rate
Hi all! I was wondering if anybody knew whether the interest rate calculated on a student loan uses gross or net income? A bit of background... I stopped my part time open uni course a number of years ago when my child was born due to time constraints and have a student loan but much less debt than is typical so I…
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Working in Australia
I work in Australia. I owe 7k from a student loan. Graduated 7 years ago. I owe 7k and pay £100 a month towards it. I earn 43k. Is it worth paying it off? I have loads of savings left if i do this.
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Advice on having 3 x Student Loans
Hi everyone I am looking for some advice. My daughter is about to take on her 3rd Student Loan for a 2 year Occupational Therapist course , this is on a Plan 5. She already has a plan 2 loan + a Post Graduate Loan. From what I've read it seems that she will have 3 different threshold figures, the plan 2 and Plan 5 each…
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Student loan application - AVC’s salary sacrifice
Hi, When completing a student loan application, it requires details of private pension and AVC’s. I have a company pension with the AVC’s paid via the company salary sacrifice scheme, as part of the company (not private) pension scheme. Is it just private pension AVC’s which need to be provided on student loan application…
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Plan 1 direct debit payment query
I'm reaching the end of my plan 1 loan and I'm being pressured to switch to pay by direct debit. My thoughts are: *PAYE deductions are pre-tax *Direct debit deductions will be post-tax from my bank account *I pay roughly 30% overall tax rate, therefore switching to DD will cost me 30% more, vs the benefit of not overpaying…
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Student Loan fees when kicked out of uni, says "before the first day"
Hey, Without going to much detail (plenty of that on other thread in here) My son was kicked out of uni, allegedly in October from what son says. Anyways, I was made aware from others on here that the maintenance loan would need to be repaid immediately (well with an agreement made monthly), pro ratad.......and the tuition…
