£90 student loan repayment!?!??!

Jinxii

I've just checked my payslip and I am paying £90 per month back on my student loan out of £24K salary. I graduated in 2010. Is this right? It seems like rather a lot...

brummierebel

Would normally be about £65 a month at that level if your pay is paid equally over the year but you might pay more if your received a bonus or overtime in that month and/or your pay is not spread equally across the year and you were paid more in that month.

Jinxii

I did get a £250 bonus this month but it doesn't seem enough to tip the repayment up to £90. Gah. I've only had a 'real job' for 9 months and already I am so !!!!ed off about the amount of money that disappears from my pay check every month I get the red mist when I think about it for too long.

MrsManda

Jinxii wrote: »

I did get a £250 bonus this month but it doesn't seem enough to tip the repayment up to £90. Gah. I've only had a 'real job' for 9 months and already I am so !!!!ed off about the amount of money that disappears from my pay check every month I get the red mist when I think about it for too long.

With your £250 bonus £90 is right.

24000-15000/12 = £750 a month from which you pay 9% towards your student loan = £67.5

But this month you earned an extra £250 so you paid 9% of £1000 = £90.

Considering how much you receive each month this isn't that much and is considerably better than having a commercial loan. You may find it more palatable to think of it as another tax.

Plus it's a lovely feeling when you've paid it all off and you get a boost in your take home salary