Found 31st Oct 2007
im currently working and my student loan is being deducted automatically from my monthly salary. The amount being taken is too high and I cannot afford for this amount to be taken. Can I talk to HR to get it lowered or is thi fixed, which I cannot do anything about ?


  1. Misc
  1. Misc

pretty sure its fixed?

Original Poster

this is the information i need to know for definite before approaching my HR dept.

Surely the first thing to do is speak with HR about it? :?

They're the ones taking it out of your wages...

i agree with Mclovin, its fixed.
i think over £15,000ish you start to pay it back at x% (sorry cannot remember exactly what it is) and as your earnings go up so do your payments.
someone OH worked with was only paying £5-£6 a month he was on about £15,500-£16,000.
you should have details in with your student loan stuff, if not give em a ring

hi just found this…pdf
my info was a bit dated although this is 2005
but should give you an idea

Original Poster

thanks. i have no probs speaking to HR, they are a few desks away from me, but I dont want to sound stupid when I get there. Better to gets facts right before speaking to HR ... they bite.


Have a look at ]this article.

I don't think HR have a say in it:

Old Style 'Mortgage Type' LoansHere, the April following graduation, you … Old Style 'Mortgage Type' LoansHere, the April following graduation, you have to start repaying the loan and it operates like a personal loan or mortgage. The amount is worked out so that the loan's repaid in 60 monthly payments over five years (84 monthly payments if you've taken five or more loans). However those who earn under £25,300 a year can defer repayment for 12 months (and if you still earn under the threshold after a year, you can keep deferring).Even though the deferment threshold is thankfully high, this is a harsh system; once you do start paying you need to lay out a serious chunk of cash each month.New Style 'Income-Contingent' LoansUnlike a normal loan, these are in effect a form of graduate tax: you pay a higher amount of income tax until all the money you borrowed has been repayed.Currently repayments are 9% of everything earned above £15,000; so earn £16,000 and you'll repay £90 a year, earn £20,000 and you'll repay £450 a year.This means the more you earn, the quicker you repay and the less you earn, the more slowly you repay or perhaps you don't ever repay at all.

It shouldnt really be a high amount being deducted. Usually i think it was if you were earning £15,000 it would be about £5 a week, though i cant remember exactly. Did you just start your job?

The Student Loans Company are THICK !!

I left uni 4 years ago & they havent took a penny off me yet !

I rang them to tell them I was working, who with etc & they said I needed to forward X Y & Z documents onto them - why should I have to chase them about ???

So to this day, there still not taking anything..........I know interest is added (about £5 per month) - but they should sort it out automatically !!

Student loans took £70 off me last month, I almost fell off my chair!
I'm only on £14.5k (+ bonuses) :-(
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