Student Loan Overpayment

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  • I just had a failed attempt to reclaim ....

    I spent much of last year on maternity leave, so had some very big swings in my monthly salary over the tax year. I had student loan deducted 5 times totalling £757, my total taxable pay was only £800 over the threshold so really my repayment should only have about £70, but they have just told me that as my income did go over threshold I can't reclaim anything.

    Rubbish :(
  • glider3560glider3560 Forumite
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    I just had a failed attempt to reclaim ....

    I spent much of last year on maternity leave, so had some very big swings in my monthly salary over the tax year. I had student loan deducted 5 times totalling £757, my total taxable pay was only £800 over the threshold so really my repayment should only have about £70, but they have just told me that as my income did go over threshold I can't reclaim anything.

    Rubbish :(

    What you've been told is correct. Any amount of earnings over the threshold means you can't claim back any of the repayments.
  • Fred_DFred_D Forumite
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    Hi,

    My son is intending to go to university this October, and I would be hugely grateful if anyone could help me out with two things which I don't understand on this page.

    On the page "Beware paying uni fees upfront" in the section The calculations: Many will be paying unnecessarily, Martin Lewis says that in scenario 2 the Total repayment (factoring out inflation) is £23,000 - I have tried to see where this number comes from using the student loan calculator but to no avail - can anyone see where the £23,000 comes from with his given conditions?!

    Secondly, why is it that your loss is greater if your child earns below the threshold for their whole life (Scenario 1) than if your child actually pays some (even though a comparatively very small amount) off in Scenario 2?

    Thank you so much,

    Fred
  • tasticztasticz Forumite
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    glider3560 wrote: »
    What you've been told is correct. Any amount of earnings over the threshold means you can't claim back any of the repayments.

    I too failed with my reclaim... I paid around 600 when it would have been 50 or so but because of my salary was above the threshold for the year I cannot claim anything back:mad:
  • sjg666sjg666 Forumite
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    Hi

    Apologies if this has been covered, I did have a rad brought to check but the circumstances others have been in are slightly different.

    I paid student loan on my salary for April-July. I am now on maternity leave and will be so until March next year which means my salary for the year will be below the threshold. Do I need to wait until the end of the tax year to reclaim it or could I call them now and explain that I won’t have earned over the threshold by the time next April comes around?
  • glider3560glider3560 Forumite
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    sjg666 wrote: »
    Hi

    Apologies if this has been covered, I did have a rad brought to check but the circumstances others have been in are slightly different.

    I paid student loan on my salary for April-July. I am now on maternity leave and will be so until March next year which means my salary for the year will be below the threshold. Do I need to wait until the end of the tax year to reclaim it or could I call them now and explain that I won’t have earned over the threshold by the time next April comes around?

    I believe you need to wait until the end of the tax year for student loans, since your deductions to date have been "correct". For income tax, you can make a declaration to HMRC to get a mid-year refund, but the same does not apply for student loans.
  • gaz3524gaz3524 Forumite
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    Hi, just had a refund of £78 for overpayments back in 2011. Should SLC have compensated me for the interest lost?

    Thanks.
  • sherambersheramber Forumite
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    gaz3524 wrote: »
    Hi, just had a refund of £78 for overpayments back in 2011. Should SLC have compensated me for the interest lost?

    Thanks.
    According to this https://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678775&_dad=portal&_schema=PORTAL you accrue interest fro 60 days only.
  • CAddisonCAddison Forumite
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    Hello, 
    My situation is that I started a degree course as a full time student in 2014. After my first year I was employed by a private company therefore I changed to a part time student. I had a loan for the first & second year then company went on to sponsor my third and fourth year. I have been advised by SLC that I cant reclaim any refund as my student loan for my full time education was due in the April after I changed my course. I have therefore been paying my student loan back since my second year of university.  I would understand this if I left university without graduating but I didn't, I continued on the same course just as a part time student graduating a year later. Unfortunately (for the purposes of this refund) I have earned just above the repayment thresholds since I started for the private company.  Can anyone advise if this is right? thanks
  • edited 10 March 2020 at 11:00PM
    Ed-1Ed-1 Forumite
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    edited 10 March 2020 at 11:00PM
    Yes. You changed mode of study so enter repayment in the following April. It also means the loans are written off earlier than they otherwise would be.
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