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Repayment Calculation
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ScienceTeacher
Posts: 8 Forumite
Hi all,
I started my job late this year and due to a recruitment incentive I have had non regular earnings. I am scheduled to earn £25,100 this tax year. I have the type 2 loan where the repayment threshold is £25,000.
Due to a £3,000 bonus payment this year, I have so far paid £572 of my student loan.
Will the Student Loans Company recalculate how much I should paid ((£25100 - £25000)*0.09) or is it 'lost' money?
Many thanks!
I started my job late this year and due to a recruitment incentive I have had non regular earnings. I am scheduled to earn £25,100 this tax year. I have the type 2 loan where the repayment threshold is £25,000.
Due to a £3,000 bonus payment this year, I have so far paid £572 of my student loan.
Will the Student Loans Company recalculate how much I should paid ((£25100 - £25000)*0.09) or is it 'lost' money?
Many thanks!
0
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ScienceTeacher wrote: »Hi all,
I started my job late this year and due to a recruitment incentive I have had non regular earnings. I am scheduled to earn £25,100 this tax year. I have the type 2 loan where the repayment threshold is £25,000.
Due to a £3,000 bonus payment this year, I have so far paid £572 of my student loan.
Will the Student Loans Company recalculate how much I should paid ((£25100 - £25000)*0.09) or is it 'lost' money?
Many thanks!
No. If you earn over the annual threshold you can't get repaynents back unless they were taken in error (i.e plan 1 rather than plan 2).0
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