Student Loan and Tax (2nd degree)

claire123c

Hi,

I'm sorry if the answer is lurking on this board- I am in the process of reading all relevant threads.:)

I have two questions- firstly, if I return to uni in spetember for a full time degree, I have been advised by the SLC that despite having a first degree already (with SLC funding pre 2005), I AM eligible for a basic loan for my second degree due to it being an NHS funded degree. Has anyone any knowledge of whether this is true?

Secondly, if I am working full time at present and will be doing 'til summer and the start of uni, I will obviously be paying my normal tax code and tax until I finish work. However will I be eligible for a tax rebate?

For tax rebate purposes will I only be classed as student, therefore having the 6000+ tax free threashold between september '10-april '11, or will I be able to claim the tax back from April '10-Sept '10 and have the student tax threshold for the entire tax year April '10-April '11?

thanks in advance for any replies, hope my questions make sense!

Indie_Kid

claire123c wrote: »

the student tax threshold

What "student tax threshold"? You pay tax the same way as everyone else. Being a student doesn't matter. if you earn over 6,475 per year, you pay tax.

Lokolo

Being a student doesn't change your tax status. With a job you get your tax free allowance. Everyone gets it.

Indie_Kid

Generally, students don't pay tax because they haven't earnt over their tax allowance.

Oldernotwiser

Funding is available for NHS degrees,even for graduates.

MrsManda

claire123c wrote: »

Hi,
I am eligible for a basic loan for my second degree due to it being an NHS funded degree. Has anyone any knowledge of whether this is true?

You can get funding for second degrees with the NHS. For information see HERE

claire123c wrote: »

However will I be eligible for a tax rebate?

If you earn less than your allowance of £6,475 in this financial year you will be eligible for a tax rebate.

claire123c

sh1305 wrote: »

What "student tax threshold"? You pay tax the same way as everyone else. Being a student doesn't matter. if you earn over 6,475 per year, you pay tax.

Hmm.. I obviously worded it wrong.

I think that I forget that all earners have that same 6,475 tax allowance. I wrongly just associate it with students. :rotfl:

Thank you for your reply though.

claire123c

MrsManda wrote: »

You can get funding for second degrees with the NHS. For information see HERE



If you earn less than your allowance of £6,475 in this financial year you will be eligible for a tax rebate.

Thank you for the link! I am loathe to trust the SLC at the moment so wanted more advice.

It makes sense- so if I earn say £5000 between April and September, and then nothing until next April, I will be entitled to the tax I paid on the £5000 back at the end of the year. I am currently (I think) on a PAYE tax code. (I will be working after September, just havn't quite worked out how at present!)

MrsManda

claire123c wrote: »

It makes sense- so if I earn say £5000 between April and September, and then nothing until next April, I will be entitled to the tax I paid on the £5000 back at the end of the year.

Yes.

If after you are a student you only work during the holidays you can fill out a P38 form. This allows you to take your whole tax allowance over your holidays rather than have it spread over the year. Otherwise you'll have to pay tax as usual and if you don't earn the £6475, reclaim tax every April

claire123c

MrsManda wrote: »

Yes.

If after you are a student you only work during the holidays you can fill out a P38 form. This allows you to take your whole tax allowance over your holidays rather than have it spread over the year. Otherwise you'll have to pay tax as usual and if you don't earn the £6475, reclaim tax every April

Thanks.
It's all new again to me, five years after graduating I'm contemplating returning for a second (professional qual) degree. I'm so used to earning that the shock of living on a student's income again has thrown me so I am just trying to gather as much information as possible to see how skint I may actually be!