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I overpaid student loan, can I get a refund?
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Saver90
Posts: 1 Newbie
I graduated in 2014 and my student loan is Plan 1.
In July 2019 I started a new job, my income (before tax) from July 2019 to April 2020 was £23,900.85
My employer deducted a total of £870 for student loan repayment.
For the 19/20 tax year the student loan repament threshold was
£18,935, which means I should've paid 9% of £4965.85 (23,900.85-18,935).
9% of £4965.85 is £446.93, which means I overpaid by £423.07
I am asking because the only advice I have read online is for people who have repaid despite being under the threshold or people who have started repaying too early. I haven't found anything for this situation.
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Comments
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Was your monthly income the same each month?
Repayments are worked out on your income each month.0
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