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Any concerns? I’ve very nearly completed repaying my education loan – how do you avoid overpaying?

Any concerns? I’ve very nearly completed repaying my education loan – how do you avoid overpaying?

We frequently get inquiries via our web sites. We try not to provide advice, but we make an effort to signpost to types of further support and information. A few of the replies may be beneficial to other people, therefore periodically we’re going to anonymously post them as ‘question and response’ news things. We’ve gotten a relevant concern recently from an educatonal loan debtor who has got nearly completed repaying their education loan.

Please be aware – this might be published as a ‘news’ item, this means the given information and links are not evaluated and updated. You ought not count on it without checking the entire facts of the Student Loans Company to your case or an income tax adviser.

Concern:

We have very nearly completed repaying my Arrange 1 education loan. I’ve read within the news that borrowers are able to find by by themselves overpaying their loans which clearly i will be keen in order to avoid. So what can i actually do to stop this from taking place?

Response:

We realize that this is an issue that is common the one that both borrowers together with scholar Loans Company (SLC) desire to avoid. Whether you pay through Pay As You Earn (PAYE) or through Self Assessment unless you are working abroad, you will repay your student loan(s) through the tax system. Overpayments may appear to the end of repaying the mortgage as a result of timing variations in sharing information between HMRC, who’re collecting the mortgage repayments, therefore the SLC whom administer the loans. But, HMRC plus the SLC will work towards more data that are frequent which ideally should reduce this issue occurring in the foreseeable future. Continue Reading →

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