student loan and maternity pay

[mummywanabe]

Does anyone know will I still have to pay my student loan while im on maternity pay?

 

[MrsHope]

This is a good question. I will be stalking the thread. I'm still paying pension contributions too xx

 

[mummywanabe]

Yeh me too thats almost two hundred pounds for me and then taxes and NI on top of that

 

[Tigger87]

Student loan gets paid as a % of your annual pay over around £15k. If maternity pay drops you below this, you won't pay it without exact figures its difficult to advise whether you'd have to pay any, but unless your on full pay it will drop significantly (same as PAYE and national insurance) xx

 

[Squeakz]

They work it out based on m9nthly averages though. My husband gets a studentship for his phd which doesnt count but does teaching which he claimed a lot back one minth 4k and he got slc on that because if he were to get that every month he would earn well above. But he doesnt so he can claim it back at the end of the next tax yr.....does that make sense. Im currently get smp and becuase my monthly amount doesnt add up to 15k pa then im fine.

 

[Millers]

A recent study discovered that, in the last decade, the debt rate has dropped significantly for American young adults. While that seems motivating on the surface, in reality it reveals a negative economic craze. The cause of the drop is that the bulk of young adults just have too few assets and too little income to get substantial credit. Jan was an enormous month for customer borrowing, according to Bloomberg's survey of a leading group of financial experts. Total hit a five-month high increase of $16.2 billion, a true surprise too many in the economic forecasting field. If you need help paying for things this month while waiting for a new job to start, you can get a short term loan.

 

[Vickimo]

my student loan is probably slightly older (I pay set amount each month rather than percentage) but I have the deferment letter in the house and was just told to send it off once I move to mat pay. As I need to provide 3 months payslips they'll also give me 3 months payments back and payments won't resume until I'm earning over around 2.3k odds a month. Planning to return to work part-time so probably won't be paying anything for a while x

 

[julesrainbow]

Thanks for alerting me to this, think I'll give student loans a ring tomorrow & will speak to the finance department at work as I pay £180 plus in student loans per month and defo won't be able to afford that. They are really rubbish at refunding money - lots of my friends have overpaid and then had to wait ages for a refund - so need to get on it. I'll let you know if they say anything different x

 

[Junebug]

Thanks for alerting me to this, think I'll give student loans a ring tomorrow & will speak to the finance department at work as I pay £180 plus in student loans per month and defo won't be able to afford that. They are really rubbish at refunding money - lots of my friends have overpaid and then had to wait ages for a refund - so need to get on it. I'll let you know if they say anything different x

To be fair, they've been very good as far as my loan is concerned. I got a letter two days ago letting me know that my loan was due to be repaid in the next year and I should call to arrange a DD to avoid overpayment. It's odd timing for me, as I'll set up the DD for £169 starting jan, which is a shame, as I'm sure my repayments would go down if i stayed on PAYE repayments when mat pay really kicks in around that time, BUT, having done the maths, doing it this way means ill have paid it all off by May

I suspect people who do over pay do so because they fail to change over from PAYE to DD as instructed to, as doing it this way makes sure that over repayment shouldn't happen.

If you think you're coming towards the end of your loan and you don't think you've had a letter informing you of this, call them and get a clearer idea of when you're due to finish

 

[mummywanabe]

Havent had to pay student loan while on maternity im probably earning less now than the % requires im currently taking home about 1050 a month now big decrease so thankfully theyre not taking the loan money out

 

[Kimmyj_b]

I keep getting conflicting inforamtion! I presume I won't have to pay my student loan when on SMP, although I will have to pay it when im on 90% of salary for the first six weeks as I will be over the threshold.

With tax, I am unsure. Is your tax free amount calculated on a monthly amount or is it cumulative for the tax year? If so I would have earnt over the threshold this tax year and will be taxed?x

 

[cosmicgirl]

I still had to pay my student loan while on mat pay.

 

[Kimmyj_b]

I still had to pay my student loan while on mat pay.

Really? Thats crazy! How much?x