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Student Loan Repayment - 2007/05/08 20:28
It is the responsibility of the Inland Revenue to collect the repayments to be made on all issued student loans, these repayments must commence once the borrower has entered employment and is earning in excess of £10,000 per annum, or if the borrower is self-employed and generating profits to the same aforementioned sum. In cases where wage payments are made under the PAYE( Pay As You Earn ) scheme, the loan repayments are deduced by the employer on each pay day in accordance with the figures presented in the Student Loans Deduction Table, it is the responsibility of the employer to hand the repayments on to the Inland Revenue.
Upon commencement of student loan repayments, the amount deducted from the gross pay will be 9% of the amount above the £10,000 baseline, any subsequent deductions will be calculated by the employer based on the deductions table provided by the Inland Revenue.
In a similar fashion to the employer being send a ‘start notice’ to indicate that the repayment deductions should commence, the Inland Revenue will send out a ‘stop notice’ once the repayments are complete directing the employer to cease the deductions.
Student loans can be invaluable in providing the funding that you need to make your time at university a success. Tuition fees, accommodation costs and living expenses all add up, and making ends meet whilst studying can be an impossible task without a student loan to help.
The cost of a university education can put many people off, but you shouldn't let you. Student grants and loans are available, and with some careful financial planning getting the necessary money together needn't prevent you from getting the qualifications that you desire.
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