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repayment plan 2 fluctuating Salary
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jimnew
Posts: 15 Forumite


I am paid a basic salary that is under the repayment threshold(plan 2 student loan years 2016-19) . I receive extra salary in bonuses some months
Is the repayment worked out on your yearly salary or can earning (£3000) trigger repayments even if your yearly salary is still under the threshold?
Is the repayment worked out on your yearly salary or can earning (£3000) trigger repayments even if your yearly salary is still under the threshold?
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My understanding is that any bonus payments will trigger a student loan repayment based on the income for that month against the threshold.
If at the end of the financial year eg 6 April 2020 to 5 April 2021, you earn less than the threshold you can apply for a refund. If you earn over the threshold then no refund is due, even if the amount you have paid is more than you would have done, had your monthly income been equal throughout the year.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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