Bank Interest + Student Loan Repayment

crashedandcool

Hello. Does Bank interest I recevive from savings accounts and ISA counts as income towards my student loan repayments?

molerat

It is taxable income but not earned income for SL purposes unless in excess of £2K per year then all of it counts. ISA interest is not counted at all as it is not taxable income.

crashedandcool

Oh forgot to mention. I'm plan 1 in Scotland


and while I'm at it. Does Universal credit count as income towards student loan repayments.


thanks

Ed-1

crashedandcool wrote: »

Oh forgot to mention. I'm plan 1 in Scotland


and while I'm at it. Does Universal credit count as income towards student loan repayments.


thanks

It's any income which is subject to National Insurance Contributions that counts PLUS (only if you have to fill in a tax return) any unearned income over £2,000 (the whole amount counts if over £2,000).

Universal credit is not taxable therefore not subject to National Insurance Contributions therefore not subject to student loan contributions.

crashedandcool

Thank you very much for the response.