CSLM11061 - FAQs: borrowers questions and answers: how much will I have to pay?
Suggested answer
The amount that you repay depends upon how much you earn.
At present, repayments are at a rate of 9 per cent of income over £15,795 per annum.
Your employer will make deductions if you earn more than £303 per week for a weekly pay period or £1316 per month for a monthly pay period.
HMRC action
None.
Notes:
| 1. | If the borrower requires further information he / she should be asked to contact the Student Loans Company on 0845 0738 891. |
| 2. | The £303 weekly and £1316 monthly limit, below which no loan repayments need be made, is not an exact divisible of £15,795. It is possible that an employer or borrower may query this. |
| The apparent discrepancy is because Student Loan deductions are always rounded down. A borrower could therefore earn slightly more than the strict weekly threshold before making payments because the resulting liability is less than £1. | |
| The Student Loan Deduction Tables have been devised to take the rounding - down factor into account. |
