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Student loan repayments cut ?


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Hi I read this somewhere and wondering if it applies to me, I am a post 1998 student and this month I did not get cut in my repayments, did any one else ?

"There are big changes afoot each April for those withoutstanding student loans, here's why....

Post 1998 starters now repay less each month. Repayments were set at 9% of all earnings over£15,000/yr. For the first time, this tax year the threshold rises withinflation so it's now £15,795, leaving £72/yr more in your pocket - thoughit'll take longer to repay."

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The new monthly threshold for deduction of income contingent student loan is £1316.

If your monthly gross pay is more than that, the deduction will be 9% of the excess

 

E.g £2000 less £1316 = £684 @ 9% = £61.56 deduction

 

Check your payslip for the deduction.

Gbarbm

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