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Student Loan Overpayment?
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oddjob2020
Posts: 7 Forumite

in Loans
I've been paid significantly more this month as a result of receiving a taxable bonus at work. As a result I've noticed that I've paid significantly more on my student loan. Are my loan repayments based on my monthly income or my annual salary?
Just checking that I haven't overpaid on my loan because of this one-off bonus.
Just checking that I haven't overpaid on my loan because of this one-off bonus.
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Comments
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It's monthly, any month you go up e.g. with a bonus, you pay more for that month0
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Deleted_User said:It's monthly, any month you go up e.g. with a bonus, you pay more for that month0
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Yeah it's a pain, tax goes up as well and you end up with further tax cycles where HMRC think you earn more so might tax you more to reflect that / fix an underpayment, bonus never stretches as much as it should after they get their mitts on it0
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Whilst the payments come out monthly the overall amount you pay should be based on your annual salary. So in your situation given you've had 1 month of higher pay you may be entitled to a refund. You'll have to contact the SLC in the new tax year and they'll review it and let you know0
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MSE explain it well here, if you're over the earnings threshold to repay it then no you can't claim anything back, only if you normally didn't reach the limit and a bonus made it look like you would, would you be able to claim it back
https://www.moneysavingexpert.com/team-blog/2018/12/student-loan-borrower--why-working-extra-shifts-or-getting-a-bon/
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