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Bank Interest + Student Loan Repayment

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

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  • molerat
    molerat Posts: 32,156 Forumite
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    edited 27 October 2019 at 5:55PM
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    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
    crashedandcool Posts: 105 Forumite
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    edited 27 October 2019 at 6:43PM
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    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
    Ed-1 Posts: 3,917 Forumite
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    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
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    Thank you very much for the response.
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