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student loan refund due?
eebyegum
Posts: 11 Forumite
hello all,
after reading martins blog on claiming student loan refunds i thought i would be due a refund myself, but SLC said no. what do you think?
so i have a plan 1 loan outstanding. this was a claim for the tax year 22/23.
this meant the repayment threshold was £20195.
my salary for that year was £30150 paid monthly, so SLC deducted £73/month.
i gave up my job at christmas and went on an unpaid extended holiday until the following april.
i therefore paid SLC £73 x 9 monthly payments = £657.
As i didnt earn for the last 3 months of the tax year, my total earnings for that tax year was actually £24850. this minus the threshold gave £4655 as my earnings over and above the threshold, repayable at 9%. this would have been £419.
so £657 -£419 = £238 overpayment in my eyes. but SLC say im not entitled to that back.
are they correct do you think?
many thanks for any opinions..
after reading martins blog on claiming student loan refunds i thought i would be due a refund myself, but SLC said no. what do you think?
so i have a plan 1 loan outstanding. this was a claim for the tax year 22/23.
this meant the repayment threshold was £20195.
my salary for that year was £30150 paid monthly, so SLC deducted £73/month.
i gave up my job at christmas and went on an unpaid extended holiday until the following april.
i therefore paid SLC £73 x 9 monthly payments = £657.
As i didnt earn for the last 3 months of the tax year, my total earnings for that tax year was actually £24850. this minus the threshold gave £4655 as my earnings over and above the threshold, repayable at 9%. this would have been £419.
so £657 -£419 = £238 overpayment in my eyes. but SLC say im not entitled to that back.
are they correct do you think?
many thanks for any opinions..
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Comments
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Once your earnings for the tax year go over the threshold you are not entitled to claim back any payments that were correctly calculated on your monthly income. So it looks like you paid the correct amount and can't claim anything back.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, 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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I'll ask the forum team to move this thread to the student board.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, 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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Hi, thanks to Martin Lewis I am owed £556 back in overpayments of my student loan. I Just wondered if this will be taxed? And if it is counted as income on UC? Thanks0
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It shouldn't. Any student loan repayments you've made have already been included in your income when calculating entitlement to UC within that assessment period.lynnbob41 said:Hi, thanks to Martin Lewis I am owed £556 back in overpayments of my student loan. I Just wondered if this will be taxed? And if it is counted as income on UC? Thanks1
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