Student Loan Company - too much repayment per month?

efchutchy

Hi all
Done various bits of reading on here and on the student loan website and I'm still confused.

On my last pay slip I noticed that the SLC are taking £231 directly out of my wage every month.

According to the SLC repayment calculator I should be paying no more than £98 per month as I earn just short of the £2500 per month mark before tax.

Please can someone let me know if this is likely to be some sort of a mistake? Seems a big repayment amount!

Thanks

CLAPTON

efchutchy wrote: »

Hi all
Done various bits of reading on here and on the student loan website and I'm still confused.

On my last pay slip I noticed that the SLC are taking £231 directly out of my wage every month.

According to the SLC repayment calculator I should be paying no more than £98 per month as I earn just short of the £2500 per month mark before tax.

Please can someone let me know if this is likely to be some sort of a mistake? Seems a big repayment amount!

Thanks

when does your student loan date from?

pre 98 or post as they have entirely different repayment rules

Roger_Mellie_2

CLAPTON wrote: »

when does your student loan date from?

pre 98 or post as they have entirely different repayment rules

They're taking it out of the OP's wages, so the loans will be post 98.

OP, have you spoken to the SLC?

efchutchy

Roger_Mellie wrote: »

They're taking it out of the OP's wages, so the loans will be post 98.

OP, have you spoken to the SLC?

Yeah, 2001-2005.

Not spoken to them or Payroll at work either tbh as I only noticed the issue today on my pay slip.

Ill give them a call tomorrow (SLC), just wondered if anyone had a similar experience

ellahenderson

how to get out of this mess if i dont get a job soon?

Pleaseadvise

ellahenderson wrote: »

how to get out of this mess if i dont get a job soon?

... What mess? This seems unrelated to the thread.

roubaix

OP are you calculating it on gross or net income?

I take home around the same as you but that is after tax and pay the same student loan amount roughly as you. They calculate it on the figure earned before tax I believe.

roubaix

Oh sorry just realised you said before tax, yeah you must be paying too much then as that would be the amount you would pay if the £2500 was your after tax income.

somethingcorporate

It should be 9% of everything over £1,500 per month (or was when I stopped paying from my payslip). I paid around £230 per month but earn around £4k per month so I agree it looks like you are paying too much. You appear to be paying 9% of everything you are earning rather than over the threshold.

Have you spoken to your employer/SLC?