SL over payment

now243

Hey I'm pretty sure I'm due a refund for 2023/2024 tax year.  

I'm a bit confused though as I can't tell how it works. 

I earned £27,384 in the first 6 months and went travelling since so haven't earned anymore money. 
I paid £1,845 in SL repayment, an over payment by my calculations of £90. 

Where I'm confused is does SL calculate on a yearly or monthly bases? I saw someone say if you earn more in one month you won't be due a refund you don't get it back as its calculated on a monthly bases. Is this true?

silvercar

My understanding is that you are charged per month (if you earn monthly) so the slc would be right to demand repayments for the months you work. However, if you are under the annual threshold for the financial year, you can ask for the repayments to be refunded. If you are over, even by 1p, then you are not entitled to the refund. 

You haven't said which plan you are on, so I can't work out the threshold. 

now243

silvercar said:

My understanding is that you are charged per month (if you earn monthly) so the slc would be right to demand repayments for the months you work. However, if you are under the annual threshold for the financial year, you can ask for the repayments to be refunded. If you are over, even by 1p, then you are not entitled to the refund. 

You haven't said which plan you are on, so I can't work out the threshold. 

Hi thanks for getting back to me, I'm on plan 2. 

now243

I guess what is confusing me is that it says this on the SF website 

If your income changes during the year

You’ll make a repayment if your income goes over the weekly or monthly threshold for your plan (for example, if you’re paid a bonus or overtime). You can ask for a refund at the end of the tax year if your annual income is less than the yearly threshold for your plan.

now243

My Income for 2023-2024 was £27,340.17, the threshold is £22,295. And I paid £1,845 in SF. But I'm guessing as this was in the first 6 months of the tax year I wouldn't be due a refund.

silvercar

now243 said:

silvercar said:

My understanding is that you are charged per month (if you earn monthly) so the slc would be right to demand repayments for the months you work. However, if you are under the annual threshold for the financial year, you can ask for the repayments to be refunded. If you are over, even by 1p, then you are not entitled to the refund. 

You haven't said which plan you are on, so I can't work out the threshold. 

Hi thanks for getting back to me, I'm on plan 2. 

Plan 2 threshold for 2023-24 is £27,295. You earned over that amount by just £95, so unfortunately you are not entitled to any refund of correctly calculated monthly repayments. 

silvercar

now243 said:

My Income for 2023-2024 was £27,340.17, the threshold is £22,295. And I paid £1,845 in SF. But I'm guessing as this was in the first 6 months of the tax year I wouldn't be due a refund.

The threshold is £27,295 not £22,295. Source: https://www.gov.uk/repaying-your-student-loan/what-you-pay

Either way, you were over the threshold, so aren't entitled to a refund.