Student Loan Question

ViolaLass

Sounds like your friend needs to pay a bit more attention at work in future.

Ed-1

somethingcorporate wrote: »

Asking other people to find the answer for you is really lazy "research".

Plus there is absolutely nothing to say we are just making it up, it's an anonymous internet forum with no comeback if we get it wrong. There are countless examples of duff information being given out on MSE forums.

You should do your own independent research rather than just relying on a forum to find the answer.

If it is in a published article by Martin it would have more credibility but certainly wouldn't make it infallible. The only place to get the actual answer would be the SLC website where the rules are published by the company that administers the loan.

Actually the only completely correct set of rules (even the SLC repayment website can be misleading and not completely technically correct on occasions) is the legislation that govern the repayment of income contingent loans, namely The Education (Student Loans) (Repayment) Regulations 2009 as amended by the 2010, 2011, 2012, 2012 (no.2), 2013 and 2014 regulations.

See: http://www.legislation.gov.uk/uksi/2009/470/contents/made

where you can also search for the subsequent amended regulations.

The pre-2012 (£15000) repayment threshold indexation by RPI (initially until April 2015) was introduced by The Education (Student Loans) (Repayment) (Amendment) Regulations 2011.

The 2012 repayment changes for courses starting in September 2012 or later were introduced by The Education (Student Loans) (Repayment) (Amendment) (No.2) Regulations 2012.

The Education (Student Loans) (Repayment) (Amendment) Regulations 2014 continued the pre-2012 repayment threshold index-linking beyond 2015 and for the lifetime of these loans so that every 6th April the pre-2012 threshold will change by the RPI percentage change for the March the year before.

somethingcorporate

Ed-1 wrote: »

Actually the only completely correct set of rules (even the SLC repayment website can be misleading and not completely technically correct on occasions) is the legislation that govern the repayment of income contingent loans, namely The Education (Student Loans) (Repayment) Regulations 2009 as amended by the 2010, 2011, 2012, 2012 (no.2), 2013 and 2014 regulations.

See: http://www.legislation.gov.uk/uksi/2009/470/regulation/71/made

where you can also search for the subsequent amended regulations.

The pre-2012 (£15000) repayment threshold indexation by RPI (initially until April 2015) was introduced by The Education (Student Loans) (Repayment) (Amendment) Regulations 2011.

The 2012 repayment changes for courses starting in September 2012 or later were introduced by The Education (Student Loans) (Repayment) (Amendment) (No.2) Regulations 2012.

The Education (Student Loans) (Repayment) (Amendment) Regulations 2014 continued the pre-2012 repayment threshold index-linking beyond 2015 and for the lifetime of these loans so that every 6th April the pre-2012 threshold will change by the RPI percentage change for the March the year before.

Every day is a school day, thanks! :T

See OP! even what I told you was (kind of) wrong.

thebritishbloke

bbk87 wrote: »

I am earning less than £16910 this year, yet my student loan is coming out of my wages.

When did you complete your degree? What style of student loan do you have?

marcusnicholas

Hello everyone
Can I ask something.
Who is eligible to take out federal student loans?

Ed-1

marcusnicholas wrote: »

Hello everyone
Can I ask something.
Who is eligible to take out federal student loans?

People studying in the USA.

Ed-1

thebritishbloke wrote: »

When did you complete your degree? What style of student loan do you have?

Good question, although the £16910 threshold is the lowest of the three student loan thresholds anyway so the poster must be earning more on a pay-period basis than the equivalent threshold for that pay-period. Either that or the employer is deducting incorrectly. Either way, if earnings for the tax year are shown to be below the annual threshold, repayments can be refunded in full by claiming them back from SLC.

The three different types of UK student loans are summarised neatly in the table on Wikipedia; see: http://en.wikipedia.org/wiki/Student_loans_in_the_United_Kingdom#Repayment_and_interest