Wait till end of tax year to get refund on student loan???

hiohaa

i just called up SLC today. Woman goes "we cannot issue any refund unless HMRC tell us you've overpaid and that won't happen till the end of the tax year".

Brilliant. So what, that's it? I have to wait until next year April to get my £500 back?

my situation is i still have 6k balance to pay, but i don't care - i left my job in June, and did not hit the annual threshold, so i want the money back. I have the payslips for April/May backing it up, i paid £517 in total, as i was paid well over the monthly threshold for those months - then left my job in June.

The information on the website says clearly that i can get that money back, as i didn't reach the annual threshold for this year.

Lokolo

So you paid some student loan back in April and May? Then yes, you will need to wait until next year to get it back. Just like any income tax repayment. There is another 8 months worth of months in the tax year where you could end up earning over the threshold.

Student Loan Company won't receive the information from HMRC until May 2017. Calculations would then need to be done so I wouldn't expect refund until September 2017. As the website says, you can get a repayment back, you can't just demand it back because you left your job half way through a tax year.

hiohaa

Lokolo wrote: »

So you paid some student loan back in April and May? Then yes, you will need to wait until next year to get it back. Just like any income tax repayment.

not really.........i got my income tax back pretty quickly, sending the form off online 4 weeks after leaving, and they sent the money back to my account, 1.8k odd, only about a 3-4 weeks later.

the SLC website does not make things clear - it says

"
In this situation you will be able to apply to us for a refund of the repayments you have made in that year. However, we will not make a refund unless you ask for one.

Overpaying your student Loan

You will be entitled to a refund if you overpay your loan. We will only be able to authorise a refund either:

Once HMRC confirms your total earnings and student loan repayments at the end of the tax year; or
You send us your pay slips showing your student loan deductions for the current tax year."

the 'or' bit suggests that .....we can actually send SLC the pay slips.......hence why it was reasonable of me to think that i could do just that - because it says so.

sheramber

I would think that the payslips are required for the year as opposed to waiting for HMRC to send them the info, so no refund until after the end of the year.