Paying back student loans 4 October 2021 at 8:14PM in Loans 3 replies 133 views

Croddy

I’ve recently realised from my pay checks that I’ve been paying back by student loans, however I’m earning less that £21,000 per year so I don’t think I should be. I have an undergrad loan and a post grad loan, but I was sure you didn’t have to pay either back until you earned more than £21,000. 

Im unsure of the best way to speak to HMRC and is there any way I can claim the money I’ve paid back? 

Thank you!  back 

kaMelo

Croddy said:

I’ve recently realised from my pay checks that I’ve been paying back by student loans, however I’m earning less that £21,000 per year so I don’t think I should be. I have an undergrad loan and a post grad loan, but I was sure you didn’t have to pay either back until you earned more than £21,000. 

Im unsure of the best way to speak to HMRC and is there any way I can claim the money I’ve paid back? 

Thank you!  back 

What type of student loan are you one, mortgage style, plan 1, 2, 4? There are many types all with their own repayment threshold.
Plan 1 (pre Sep 2012) repayment threshold is £19,895 a year which would suggest you have a plan 1.
Postgrad (Masters?) loan threshold is £21,000

Without knowing specifically what you have it's impossible to say whether it's correct or not.

It's SLC who you'll deal with (unless it's an old mortgage style loan) not HMRC.


PS, Its Pay Cheque.  
Pedantic I know but it does my head in when I see it Americanised.,.

MalMonroe

There's some really helpful info from the government here -

https://www.gov.uk/repaying-your-student-loan/when-you-start-repaying

If you are on Plan 1, you start paying when you earn £19,895 a year (before tax and other deductions).

Thresholds change every year.

Croddy

I started my undergrad degree in 2015 so I don’t think I’m on plan 1 - I didn’t realise there were different plans - how silly! I’ll have a look at which one I should be on and see the payment threshold. Thank you so much!