Student loan question?

Redfoo1900

Hi,

Not sure if this is the right section but I have a question regarding student loan repayments.

I am on plan 2 for year 21/22 and the threshold is £27295. Once above this threshold I pay my student loan back at 9%. Am I due a refund then if I have earned £29500 and have paid back more than the 9% on the difference (£2205). I worked out I should have paid back £198.45 in total but have actually paid back £807.

Emmia

Does this page on gov.uk answer your question?

https://www.gov.uk/repaying-your-student-loan/getting-a-refund

It looks like as your income is above £20,195  that you can't get a refund

Ath_Wat

Has the extra you have paid come off the capital?  if so I don't really see why you'd need a refund.

Redfoo1900

I get paid weekly, and I have had deductions taken every week

Ath_Wat

Redfoo1900 said:

I get paid weekly, and I have had deductions taken every week

Yes, but if those deductions have resulted in the amount you owe being reduced, you haven't actually lost out.  You might prefer to have the money back in your bank account and a higher debt, but what really matters is whether you have paid too much in interest.

chrisbur

Redfoo1900 said:

I get paid weekly, and I have had deductions taken every week

Did you have deductions for every week of the tax year?

silvercar

Redfoo1900 said:

I get paid weekly, and I have had deductions taken every week

Did you earn more some weeks than others? If so, that would explain why you have had greater deductions than expected. Unfortunately you can’t get these back.

if there is an error in the calculations you may be able to get some back, otherwise it’s a bit like NI contributions - if you earn a lot more one pay period than others, you end up paying more.