Student Loan Overpayment?

oddjob2020

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. 

[Deleted User]

It's monthly, any month you go up e.g. with a bonus, you pay more for that month

oddjob2020

Deleted_User said:

It's monthly, any month you go up e.g. with a bonus, you pay more for that month

That's fine. I thought I'd check. Thanks for letting me know.

[Deleted User]

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 it

Cheese1990

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 know 

[Deleted User]

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/