Help With Student Loans - HERE!

Poolie

strebork wrote: »

Dont know if this is the right place to ask this but I have been on maternity leave since May 09 returning to work at the end of January 10 so this Feb pay will be my first full wages. My employer offers a back to work bonus for those returning to employment which I will also receive in this pay. My query is that I have been deducted £289 for my student loan this month yet I have only earned £13,000 so far this year, is this right and is there anything I can do about this? it just seems an awful lot and I thought student loan deductions where a % of your earnings over £15,000.

The deduction from your salary is based on your monthly gross salary. Did you earn over £1250 before tax this month? If so, here is the calculation.

(GROSS PAY - £1250) * 0.09 = DEDUCTION

The 0.09 is 9%.

If you get your P60 and have not earnt over £15,000 over the whole tax year then you can ask SLC for the deductions back but you need your P60 to provide these figures. You would need to write in with a copy requesting a refund for under annual threshold payments.

Suziebea

I hope someone on here can help.

I have submitted an application to support my son at uni, based on my 08/09 income, and have sent in the required evidence, BUT as my income has dropped considerably in the current tax year (following redundancy) I need to ask for a current year assessment.

I have looked on the website, but can only find the Change of Circumstances form, which doesn't say anything about income.

Can anyone point me in the right direction please?

Taiko

Current income forms for the 10/11 academic year will not be made available under April.

Suziebea

Taiko wrote: »

Current income forms for the 10/11 academic year will not be made available under April.

Thanks for that. I will stop panicking for the time being. :T

Sponge

Deferring payment for 2010/2011 on a pre-98 loan.

I'm filling in the paperwork on this years deferment form and have a question about tax credits:

My wife and I both complete our tax credit form and are assessed together. She has no income (housewife), I do. 'We' get £15 per year working tax credit and £5000 per year child tax credit. The former is recorded as being paid to me, but the latter is paid to my wife. (Same bank account.) This is how it is shown on the tax credits paperwork: my wife getting one benefit, me getting the other.

Does this mean I don't have to declare the Child tax credit as it is paid to my wife? It's my understanding that only have to put my income on the deferment form.

Secondly, child benefit is paid to my wife. Does this mean it's her income and I don't need to put it on my deferment form either?

Thirdly, how do they actually calculate your gross income? Do they add up the 3 wage slips you send them and work out an average? Or do they use the basic (annual) wage listed on them? The reason I ask, is last month, the first time in several months, I did some overtime. Overtime is scarce and I don't get it more than a few hours, a handful of times per year. I don't want last months wage slips to inflate my 'average' and put me over the threshold.

Do cover notes explaining the temporary increase in wage actually have any effect? Do they even read them?

Poolie

Why are you listing tax credits if you are working. Just list you salary and send in the payslips.

SLC will not read any letters about temporary increases. The calculation is as follows:

(Total Gross Salary (3 payslips added up) / 3) * 12

Sponge

I need to list working & children tax credits because they're a state benefit used by the SLC in the calculation of gross income. (Section A of deferment form.)

Poolie

You only need to list the income paid to you in your name on the deferment form.

jewelly

My son put in his application to student loans in September last year. He STILL has not had his loan through despite numerous phone calls via the student finance office at his uni.

I have been supporting him finacially in he meantime. Can I claim loss of interest on my savings from SLC as I have had to withdraw funds from my ISA. They are incompetent and have caused me loss.:mad:

Taiko

Should've had some funds at least. Have you called them for info?