Repaying student loans whilst still in eduction?

natscat84

Quick question for you all:

Do you still have to pay back student loan repayments if you are currently in full-time education with your second degree, if by some miracle you managed to earn over £15k in that year?

MusicalLawyer

Repayments start the April after your degree finishes.

So if you're still doing your degree, and earning £15k, you won't pay it back until the April after your degree finishes.

Dunroamin

If the loan is for your first degree and you're earning over £15K whilst doing your second degree then you would need to be making repayments.

MusicalLawyer

Ah, missed the 'second' part!

Exactly as Dunroamin has said

natscat84

Unfortunately, I don't have a job that pays more than £15k a year. However, what I do is work for a nursing agency, with weekly pay. Last week I worked an absolute ton of night shifts in my reading week since I won't be working the next couple of weeks as much due to uni commitments, which has meant that my pay for that week was over the £15k p.a if it was averaged out that I earned that every week.

So they've gone and deducted student loan from it, and it's a sum that I could really do with not having to pay.

Hence I wondered if they could do this. Also, if I would stand a chance at getting it back given that I definitely won't be earning £15k a year, more like £5k, just with money coming in irregularly - more during hols than term time etc - which makes it look in some weeks like I'm earning about £20k!

MusicalLawyer

natscat84 wrote: »

Unfortunately, I don't have a job that pays more than £15k a year. However, what I do is work for a nursing agency, with weekly pay. Last week I worked an absolute ton of night shifts in my reading week since I won't be working the next couple of weeks as much due to uni commitments, which has meant that my pay for that week was over the £15k p.a if it was averaged out that I earned that every week.

You can claim this back in April.

"If you’ve been repaying your loan and your total income for that tax year was less than £15,000 you can apply for a refund. You need to send your P60 to the Student Loans Company as proof of your income. Your P60 is a form you can get from your employer, it tells you how much has been deducted from your wage for tax and student loans."

From http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/Gettingstarted/DG_199403

melancholly

students who work in holidays only and won't earn above tax thresholds can fill out a P38 and not have to wait until the end of the year (although i'm not 100% sure that that includes student loans - it certainly applies to tax). i realise this won't help the OP right now but maybe it will help someone else or be suitable for next year?

the upside is that the end of the tax year is soon. the rate determining step can often be getting a P60 from your work - some are far more efficient than others.