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student loan repayment threshold

Hi,

I just spoke on the phone with a representative of yours and wanted to check if the info given to me was correct. Here's the scenario:

Assume I'm on Plan 2.

I earn £27,294.99 per week and I only work one week this year.
(27294.99 - 524) X (0.09) = £2409 student loan repayment for the week. This would be refunded because my yearly income is below the threshold.

Now assume I earn £27,295.01 per week and I only work one week this year. (27295.01 - 524) X (0.09) = £2409 student loan repayment for the week. This would not be refunded because my yearly income is above the threshold.

Can this be correct? A 2 pence change in income can lead to a £2409 difference in liability?

Kind regards, Chris
(edited 2 years ago)
Original post by chr7896
Hi,

I just spoke on the phone with a representative of yours and wanted to check if the info given to me was correct. Here's the scenario:

Assume I'm on Plan 2.

I earn £27,294.99 per week and I only work one week this year.
(27294.99 - 524) X (0.09) = £2409 student loan repayment for the week. This would be refunded because my yearly income is below the threshold.

Now assume I earn £27,295.01 per week and I only work one week this year. (27295.01 - 524) X (0.09) = £2409 student loan repayment for the week. This would not be refunded because my yearly income is above the threshold.

Can this be correct? A 2 pence change in income can lead to a £2409 difference in liability?

Kind regards, Chris

Hi, I advise you to call our repayments team on 0300 100 0611 or you can message them on Facebook or Twitter for help with this repayment query.
Thanks, Isaac

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