My student loan repayment has started & I'm earning less than £15,000

koolhoven83

I'm not sure if this should be in this section, or in loans, but basically, I started a new job earning £14,500. Because my 1st pay slip including a tax rebate my first months paylsip looks like I earn more £15,000 but I don't, so £38 has been taken out for my stduent loan!!

Does anyone know who I contact to sort the problem out and get a refund?

AnxiousMum

There is also a maximum 'monthly' amount that they will start taking repayments from. I think it's about £1200 per month - so if you earn over that in one month, they will make a deduction. I guess that's to stop people from working lots in some months, and taking the summer off - keeping their income below the student loan payback amount.

MrsManda

If you earn less than £15,000 over the year then you will be able to reclaim the overpayment at the end of the financial year.

Making repayments despite earning under the annual threshold

You may still have to make student loan repayments when you earn below £15,000 a year.

This will happen if your salary goes above the weekly or monthly threshold during any given pay period.

For example, if you are paid weekly and normally earn less than £288 (the weekly threshold), you wouldn’t have to repay. But if you did an extra shift or received a bonus which took your pay above £288 for that week, you would make a repayment as it is over the threshold.

If your income is equal to or below £15,000 in any one tax year, you will be entitled to apply to us at the end of that tax year for a refund of your student loan repayments if you wish.

http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3867311&_dad=portal&_schema=PORTAL

koolhoven83

MrsManda wrote: »

If you earn less than £15,000 over the year then you will be able to reclaim the overpayment at the end of the financial year.

http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3867311&_dad=portal&_schema=PORTAL

Thanks thats great!

tody27

Hi

I have just left work and will not be working for the remainder of the tax year (as I am going abroad), I have earned over the £15k annual threshold but if averaged out over the year I have paid a huge amount more than required.

I have spoken to SLC who say they base it on 9% of the monthly income and I am therefore unable to make a reclaim, does any one know if this is correct?

Many thanks

MrsManda

tody27 wrote: »

Hi
I have just left work and will not be working for the remainder of the tax year (as I am going abroad), I have earned over the £15k annual threshold but if averaged out over the year I have paid a huge amount more than required.

I have spoken to SLC who say they base it on 9% of the monthly income and I am therefore unable to make a reclaim, does any one know if this is correct?
Many thanks

If you have earned over £15,000 in the 2011/12 financial year then you will not be able to reclaim a refund. If you have earned less than £15,000 then you can claim a refund. See the link posted above.

You need to tell the SLC that you are leaving the UK as this is a requirement of your loan T&Cs.