Student Loan and Annual Bonus

chrisc1983

Morning all,

Normally I pay £90 per month to the Student Loan Company, based on my earnings over £15k.

This month I have been paid an annual bonus which has resulted in my student loan deduction increasing to £333. Next month, this will drop back down to my standard amount.

Is there some way I can claim back the 'overpayment' and just continue to pay my £90 a month? Or am I stuck with the increase for this month and there's nothing I can do?

Thanks in advance,

Lokolo

It's done PAYE. Just like tax. So the extra money will go to student loans/taxman etc.

You can only get a refund if you have overpaid, which you wouldn't have.

amiehall

Sadly, even if it turns out you have paid more than you would with the money spread over the year, there's no way to have the money refunded. The only people entitled to a refund would be those who, at the end of the tax year, turned out to have earned less than £15k. If you're over the threshold, you're stuck with whatever you've paid and there is no refund facility. Sorry.

chrisc1983

Thanks both for the quick reply,

I thought that might be the case but wanted to check anyway.

Frustrating how 35% of my bonus has been eaten up in Tax, NI & Student Loan!!

housebuyer_abc

chrisc1983 wrote: »

Thanks both for the quick reply,

I thought that might be the case but wanted to check anyway.

Frustrating how 35% of my bonus has been eaten up in Tax, NI & Student Loan!!

Thats work for you!

If it helps look at it from a future viewpoint when you will have finished paying your loan 4 months early because of this bonus

CLAPTON

in general for each addition pound you get over your base income you would expect to pay
-9% student loan
-20% tax
-11% of 9.4% NI depending upon whether you are 'opted out'
so you should have had deductions of at least 38.4% or even 40%
so you were lucky really