Paying back my loan

Nealmason1986

I have just got my first job since leaving university and im going to be on about 20k starting.

Because im earning 20k ill have to start paying my loan back.

but i just wanted to know how much id expect to have taken out of my monthly pay packet?

is it a percentage? does it depend one how much you are earning to the percent you pay back?

my student loan is aroun 18k i think

id love some help with this

Lokolo

You pay 9% of anything over £15k

So 9% of £5k is £450 a year

Nealmason1986

Perfect answer.

Golden

Thanks

atypical

You may want to look here. It will calculate your take-home pay after tax, NI and student loan repayments. On £20k you can expect to take-home £1,310 monthly.

Lokolo

I prefer http://listentotaxman.com/

But whatever floats ya boat eh