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re-paying back the student loan

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
ok guys, im sure someone here can guide me in the right direction.....i know you dont pay back your student loan til you earn 15K a year or more, BUT....do they know how much you're earning (via the tax people), or do you have to ring someone+say my name is blah+i know earn 15K a year or more????
thanx
L+C

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    The tax man usually gets any contributions off you, direct from your pay packet if you ear an amount each week or month, that would average up to be over 15K

    ps i have paid back about £4.50 of my student loan
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    so it just happens automatically+i dont have to notify any1
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Your employer has to tick a box on your p45?? (not sure, could be wrong, but it's definitely a form) to say you're paying student loans, so it's taken out of your pay automatically before you get it.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    it is done automatically, employer doesnt do anything, well until it shows up. my employer didnt know i had a student loan until it popped up when i went over the threshold a couple of years back.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    If you only graduated this year you won't start paying it until April '08 and yes it happens automatically.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    The Revenue and customs have some way off working out when you need to pay and will inform your employer accordindly. If you leave your job and still have to repay your student loan, you old employer has to mark a box on your P45 to inform your new employer.

    There are different repayment rules if you are self-employed though.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    If you want to you can start making payments early or you can pay extra in order to pay off the loan more quickly in which case you can just contact them to arrange voluntry repayments (either as a lump sum or a standing order). There are no penalties for this.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    There are different repayment rules if you are self-employed though.
    Do you happen to know what they are by any chance? I'm self employed now, and will be after my degree...
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    The SLC will have your National Insurance number. When you have finished Uni and your National Insurance number pops up on HMRC's computer system showing that you are now in employment, the employer will be sent a "start" notice (SL1) instructing the employer to take repayments based on your weekly / monthly gross wage & the student loan deduction tables. The tables I have here are out of date now, but it's a sliding scale starting off when you are earning £280 a week.

    I found this regarding making repayments when you are self employed
    http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/RepayingStudentLoansCoursesStartingFrom1998/DG_10034871
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