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Document updated/added on 04.11.2016

Topic: Income tax

Student loan repayment calculator
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Student loan repayment calculator

Student loan repayment calculator

If you have borrowed money from the Student Loans Company you’re required to make repayments when your income exceeds thresholds set by the government. There are three types of student loan arrangement - Plan 1, Plan 2 and postgraduate.

Deductions

If you’re employed your repayments are usually deducted from your pay by your employer based on your earnings alone. You may have to pay more or claim a refund of repayments after the end of the year depending on your total income.

Using the calculator

By entering details of your gross pay and pay period, the calculator will work out the repayment figure to show on your self-assessment tax return or to check if the correct deductions have been made by your employer. Where you use the calculator to work out the repayment amount to include on your tax return, you must enter the total of all your earnings and savings income (if it exceeds £2,000).

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