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Students Loans And Repayments

Know the facts: When and how much you will pay.

HMRC collects repayments on student loans taken out after August 1998 so if you have taken out a student loan after August 1998 then please read the information below

Student loan payment start date - The 6th April is the earliest that your repayments will start after you leave your course.

Student loans starting limit - Your income per year needs to be 16,910 which when broken down equates to 1,409 a month or 325 a week before your repayments start. You do not have to make repayments until your salary / income reaches these levels.

 

Working example of your student loan and how much you pay

You leave college/university in June 2013 and start working in August 2013 earning 2000 a month (24,000 a year).

Your repayments don't start until April 2014.

  • Income in April 2000 - Starting limit 1409 = 591
  • 591 x 9% = 53 repaid in April.

 

Amount due - The amount you will pay back is calculated as 9% of your income over the starting limit.  But if you complete a Self-Assessment (SA) return and you get more than 2,000 interest a year from your savings it may affect how much you have to repay.

What if you have a job - HMRC will tell your employer when to start making deductions from your wages. Your employer will make deductions each pay day.

Student loan and making repayments - As each pay day is looked at separately, your repayments may vary according to how much you have been paid in that week or month. If your income falls below the starting limit for that week/month, your employer should not make a deduction.

Pay off your student loan quicker - There is also a way to pay your loan off quicker, as well as having repayments deducted by your employer. You can make voluntary repayments of 5.00 or more direct to the Student Loans Company yourself, you can do this at any time, even if you do not earn above the threshold.

To pay your student loan of quicker all you need to do is to contact the student loan company, tell them your name and student reference number.

Note, if you do choose to make voluntary payments it will not stop your employer making deductions from your pay for the balance of your loan, but your employer will stop making deductions sooner.

If you work for yourself and/or have to complete a tax return

You should tick the relevant box on your tax return to indicate that you are a student loan borrower. This will ensure that your student loan repayment is calculated with your overall bill. You should normally pay your bill by the 31 January each year.

For more information on how to repay your Student loan visit : Student Loans Company website

 

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