Student loan repayments for Bank/extra shifts
in Student MoneySaving
2 replies 70 views
Hello, I work in the NHS and have a plan 2 and postgraduate loan. I earn over the threshold and pay the correct amount in my monthly salary. I have been doing an odd bank shift where I earn a weekly amount that is below (or close to) the weekly repayment threshold. I have been repaying more student loan/postgraduate loan in the weekly pay compared to the monthly pay. I have just called Student loans company and they have said that the weekly amount should be significantly less than what I am paying, they told me that the repayments are calculated on what is on your pay slip separately, so if i earn £2000 for the month I will pay the percentage on that, and then anything else will be dealt with separately, so if I were to earn another £200 in a week, it should not trigger a payment as it will not be over the threshold. However, I think my employer is calculating the repayment based on the fact that my main salary already takes me over the threshold, and therefore any extra shift will incur the 6% and 9% repayment charge. Does this make sense? I think the student loans advisor is incorrect. Unless they really do treat it separately? So if you earn 30k in one pay packet you would pay for whatever is over the threshold, OR if you have two jobs that pay 15k each you wouldn’t repay anything?
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