N.Wood Posted September 18, 2009 Report Share Posted September 18, 2009 I'm in a job earning over £15k a year and therefore should be paying back my loan. However, nothing has been said about it since I left uni. Is anyone else paying theirs back? Do you have to say 'I'm earning over the threshold, can i pay it back please?' I don't really want them to ask for a lump sum in a few years time if possible. Also, is the £15k a year thing before or after tax? Quote Link to comment Share on other sites More sharing options...
forteh Posted September 18, 2009 Report Share Posted September 18, 2009 IIRC I didnt notify them when I left uni and they started taking money from me straight away, I didnt realise that at the time you had to actually defer every year (I was earning under the cutoff) in writing to them so they just assumed I was earning enough. They couldnt refund me the money they had already taken so I just deferred it until I was earning over the threshold. Mine are all paid off now, I was paying something like 100 quid a month to pay off 6k loans. AFAIK its 15k before tax.As an example my mate who I went to uni with hasnt paid off any of his after 8 years, they dont know where he lives as hes moved address so many times Quote Link to comment Share on other sites More sharing options...
Luke Rainbird Posted September 18, 2009 Report Share Posted September 18, 2009 http://www.direct.gov.uk/en/EducationAndLe...998/DG_10034867 Quote Link to comment Share on other sites More sharing options...
N.Wood Posted September 18, 2009 Author Report Share Posted September 18, 2009 So they take it from your PAYE as part of income tax without you knowing pretty much? Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted September 18, 2009 Report Share Posted September 18, 2009 I just filled in a P46 for my new job and there was a little 'check this box if you have a student loan and finished your higher degree before the Xth April of whatever'. That unfortunately means I'm now going to have to start paying it back...It should appear as a separate deduction on your payslip though. Quote Link to comment Share on other sites More sharing options...
Village Idiot Posted September 18, 2009 Report Share Posted September 18, 2009 So they take it from your PAYE as part of income tax without you knowing pretty much?Dunno if they still do it this way, but when I graduated a couple of years ago they said that they'd start taking repayments off your pay when you reach April in the year after you graduate. Pretty sure they don't actually tell you like just before they're gonna take repayments, but it probably would've been in the stuff when you got the loan. Quite a few people I know should've started paying theirs back but haven't had anything taken off them. It seems a bit hit or miss whether they actually take money off you or not. Quote Link to comment Share on other sites More sharing options...
Tomm Posted September 22, 2009 Report Share Posted September 22, 2009 IIRC it's 9% of your gross earnings (IE before tax) over £15 000/annum. If you're only earning just above the threshold it won't actually seem like much. And yeah, it comes out of the PAYE section, and I don't think it's always marked separate. Also I don't think they start taking it until Jan/February after you graduate.You should get a statement from SLC though, at least every year. Quote Link to comment Share on other sites More sharing options...
F-Stop Junkie Posted September 23, 2009 Report Share Posted September 23, 2009 Yep, your employer will just start taking off the contributions.... Quite a kick in the pants when you actually see how much you're not getting each month. I think if people realised they might not be quite so quick to take all they can get! Quote Link to comment Share on other sites More sharing options...
N.Wood Posted September 23, 2009 Author Report Share Posted September 23, 2009 Cheers for the replies.I've not been in the office for ages so will ask my secretary whats going on Quote Link to comment Share on other sites More sharing options...
F-Stop Junkie Posted September 23, 2009 Report Share Posted September 23, 2009 To be honest Nick, it may be down to some sort of account period. You may find that you start paying it back at the start of a quarter or half year, or maybe next April when the new tax year starts... Quote Link to comment Share on other sites More sharing options...
N.Wood Posted September 23, 2009 Author Report Share Posted September 23, 2009 Yeah I'm not sure, doesn't really seem very clear on any websites. I'm not bothered about it at the moment, just curious really. Quote Link to comment Share on other sites More sharing options...
Spikenipple Posted September 24, 2009 Report Share Posted September 24, 2009 If you're earning £15k/year on the dot, only £9 is taken out of your pay per month. My eldest brother earns £23k/year and is paying £30/month. Quote Link to comment Share on other sites More sharing options...
DrEvil270183 Posted September 24, 2009 Report Share Posted September 24, 2009 Advice here is no matter how much it is, don't pay more than they take.It's the lowest interest rate loan you'll ever get. If you pay more off than requested to get rid faster, you'll only borrow it later to buy a house etc at a higher rate.Instead, what ever you have extra that could be used to pay more off, save towards a house. Makes more sense. Quote Link to comment Share on other sites More sharing options...
Tomm Posted September 25, 2009 Report Share Posted September 25, 2009 It does. Just think of it as a University Tax. Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted September 26, 2009 Report Share Posted September 26, 2009 The Student Loans Company will apply 0% interest rate from 1 September 2009 - 31 August 2010 across the UK.Well that's good news (I think). The f**kers have been charging 4% plus in the past few years I think... Quote Link to comment Share on other sites More sharing options...
Danny Posted September 26, 2009 Report Share Posted September 26, 2009 Yay my loan amount might actually go down this year then rather than up hah. They rob £82 a month off me. Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted September 26, 2009 Report Share Posted September 26, 2009 They rob £82 a month off me.You say that but they were kind enough to loan you the money to buy alcohol, food and more importantly bikes in the first place! Quote Link to comment Share on other sites More sharing options...
Muel Posted September 26, 2009 Report Share Posted September 26, 2009 To be paying back £82 a month, I'm guessing you're earning a fair bit over the £15k thresh hold? Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted September 26, 2009 Report Share Posted September 26, 2009 To be paying back £82 a month, I'm guessing you're earning a fair bit over the £15k thresh hold?I make it around £26k but that might be rubbish! Quote Link to comment Share on other sites More sharing options...
Max Quinn Posted September 26, 2009 Report Share Posted September 26, 2009 Woop! Let's all try and work out Danny's income Quote Link to comment Share on other sites More sharing options...
OD404 Posted September 26, 2009 Report Share Posted September 26, 2009 £130 a month but that's less than 9% of my earnings!I didn't start paying mine till the April after I graduated (new tax year). I was always earning over the threshold and I'm pretty sure I had a letter about when they were going to start. Quote Link to comment Share on other sites More sharing options...
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