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Student Loan interest
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thunderpantz
Posts: 2 Newbie
Hi guys, my first post on here.
I have a Plan 1 student loan, and I am wondering how the interest/repayment is calculated.
- I understand interest on the outstanding balance is accrued monthly.
- Money is deducted from my payslip (PAYE) monthly and sent presumably to HMRC...
- HMRC then send that money over to the student loan company after the end of the financial year.
My question is therefore:
Will the interest still be accrued assuming that no repayments have been made until the end of the financial year?
With an annual statement this is quite hard to work out!
Thanks
I have a Plan 1 student loan, and I am wondering how the interest/repayment is calculated.
- I understand interest on the outstanding balance is accrued monthly.
- Money is deducted from my payslip (PAYE) monthly and sent presumably to HMRC...
- HMRC then send that money over to the student loan company after the end of the financial year.
My question is therefore:
Will the interest still be accrued assuming that no repayments have been made until the end of the financial year?
With an annual statement this is quite hard to work out!
Thanks
0
Comments
-
thunderpantz wrote: »Hi guys, my first post on here.
I have a Plan 1 student loan, and I am wondering how the interest/repayment is calculated.
- I understand interest on the outstanding balance is accrued monthly.
- Money is deducted from my payslip (PAYE) monthly and sent presumably to HMRC...
- HMRC then send that money over to the student loan company after the end of the financial year.
My question is therefore:
Will the interest still be accrued assuming that no repayments have been made until the end of the financial year?
With an annual statement this is quite hard to work out!
Thanks0 -
Ed - Thanks for clearing that up!0
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