Student Loans - repaying?

char_student

I have a student loan, which is around £26k total. Finished uni last year, so its payable when I earn over £15k this April (now). I work part time now and will hopefully be getting another role where I am (funded by an outside organisation), which means 2 separate payrolls and 2 salaries.

Question is - how is student loan worked out when I have 2 jobs?

One is earning £13k per annum and the other £9000 per annum? Do I tell them I earning over the 15k limit so they can decuct it from both?

anna42hmr

char_student wrote: »

I have a student loan, which is around £26k total. Finished uni last year, so its payable when I earn over £15k this April (now). I work part time now and will hopefully be getting another role where I am (funded by an outside organisation), which means 2 separate payrolls and 2 salaries.

Question is - how is student loan worked out when I have 2 jobs?

One is earning £13k per annum and the other £9000 per annum? Do I tell them I earning over the 15k limit so they can decuct it from both?

hi, the link here should help you, http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3866963&_dad=portal&_schema=PORTAL

there are two pdf guides to loans and payments, looks like as neither of your jobs meet the threshold individually they wont take it but that you need to do some self assement form

whitfreak

Basically each job will deduct as if they were you only job. So as neither is paying above £15k, neither will deduct for student loans.

Then IF you have to fill out a self-assessment tax form then a section of it will deal with the owed student loan repayments. And it is likely that the tax man will send you that form. My advice for now is to save enough money to cover your repayments for the year , about £52 a month from the figures you've given.

Mankysteve

Just remember you'll be getting taxed 20% on your 2nd job might be worth trying to get them on one contract if you can.