When do they start taking Student Loan money back?

Ciwan

Hello

I have been with my current employer for over a year now. Throughout my employment, I've been on a salary of £39200 per anum.

For the whole first year, the only deductions from my Payslips were PAYE and NI (no pension contribution as I had stopped that).

But my last payslip shows a student loans deduction (£168). Why has this just started? Do the student loans company not take the money straight away as soon as I begin work?

I always thought the reason it wasn't showing on my payslip was because it was deducted at an earlier stage of the process!

I'm confused and would greatly appreciate a clarification.

Thank you.

silvercar

You are first eligible to start paying back the loan the April after the course ended.

Ciwan

Ok and does this usually show on payslips? Cause for the past year mine hasn't! And it is only showing on my latest payslip for last month!

I began work at my current company in Feb 2015.

Strummer22

The deductions should have started in April (or perhaps May? I've forgotten exactly how it works). Indeed, if you started work in Feb 2015 you may have missed 15 months of payments! I'd query this with payroll at your company. It's possible the SLC have been trying to contact you if they don't have an up to date address, so you should log in to their website as well and see the state of play.

As an aside.. pay into your pension, fer goodness sake! You're on nearly £40k so unless you're supporting a big family and bigger mortgage I'd assume you could afford to. And your employer will pay in too; essentially you're turning down a payrise and ignoring the need to plan for your retirement.

Ciwan

Thanks Stu_N. I'll query it with them. I'll start paying into my pension soon too.