Student Loan Repayments, Under threshold

abbisfab

Hi all, i wonder if you can all help me i cannot seem to get any advice off SFE or my work.

so i am on band 2 of student loan which states i don't need to pay anything back if i don't earn over 27k or £524 a week. however when my company gets bonus or over payments from wage increase sometimes it works out that it pushes me over the £524 so it triggers my student loan.

I earn just under 26k before tax

in 2023 i paid twice £24 on my wage slip for my student loan but only had a payment of 1 £24 on my p60 so i could only claim that much back.

Now I have been paying £43 a month on every wage since Aug 2023. I ring SFE and apply for over payments to be paid back to me but they say they cannot until the tax year which I totally get, and that i have only made one outstanding payments which they can see.

just worried incase this money isn't actually going to student finance and getting lost. 

Will be clear on the 5th April when i get my p60 and able to see the if they actually took the payments but I'm just wondering if anyone else has experienced this?

amanda1024

As well as the P60, have you also logged into your student loan account to see if the payments are showing?

abbisfab

amanda1024 said:

As well as the P60, have you also logged into your student loan account to see if the payments are showing?

it says only £43 is pending. my October 2023 payment statement is available to view but i made payments JAN,FEB AND MARCH X 2 at £24. and they are  not on my statement.

silvercar

You need to check that your P60 total for the year is under the threshold. If it is, then you should be able to claim back the payments. Remember that the P60 total will include all overtime, wage increases and bonuses. It may even be worth seeing if you can push overtime worked in March into your April payslip, if that means keeping under the threshold for this year, particularly if you are likely to exceed the threshold in 2024-25.

You should be able to find out about the missing payments, either they have gone to your student loan account or they haven’t. Someone needs to find them, it isn’t acceptable that they disappear entirely.