Taking a Salary Cut and Overpaying my Student Loan
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DanielMorson125
Posts: 1 Newbie
Hi all,
I finished university and started working in an unrelated construction role to my business degree for about a year and a half. In the 17-18 tax year, I was earning around 28k a year. Then half way through the tax year I gained a place on a graduate scheme where my salary started on 18k and has now rose to 20k.
I worked out from my P60 my overall earnings was £22,500 and I should have paid around £135 in loan repayments, but instead from my old pay slips I have paid around £360 in repayments. I have spoke to the student loans and they said I am not entitled to a refund because I earned over the £21,000 threshold and also in my old job i was being paid weekly.
Does this sound right to anyone, I was looking forward to having some sort of refund
I finished university and started working in an unrelated construction role to my business degree for about a year and a half. In the 17-18 tax year, I was earning around 28k a year. Then half way through the tax year I gained a place on a graduate scheme where my salary started on 18k and has now rose to 20k.
I worked out from my P60 my overall earnings was £22,500 and I should have paid around £135 in loan repayments, but instead from my old pay slips I have paid around £360 in repayments. I have spoke to the student loans and they said I am not entitled to a refund because I earned over the £21,000 threshold and also in my old job i was being paid weekly.
Does this sound right to anyone, I was looking forward to having some sort of refund
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DanielMorson125 wrote: »Hi all,
I finished university and started working in an unrelated construction role to my business degree for about a year and a half. In the 17-18 tax year, I was earning around 28k a year. Then half way through the tax year I gained a place on a graduate scheme where my salary started on 18k and has now rose to 20k.
I worked out from my P60 my overall earnings was £22,500 and I should have paid around £135 in loan repayments, but instead from my old pay slips I have paid around £360 in repayments. I have spoke to the student loans and they said I am not entitled to a refund because I earned over the £21,000 threshold and also in my old job i was being paid weekly.
Does this sound right to anyone, I was looking forward to having some sort of refund
If you are paid weekly then it's 9% over the weekly threshold that's relevant.
The annual threshold is only relevant if you earn under it in total.0
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