Tyas & Company
Chartered Accountants, Registered Auditors, Tax, Business Advisors
Thursday, 06 September 2018 23:01

Student loan refunds

Student Loans are part of the government's financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is directly responsible for collecting the loans of borrowers outside the UK tax system.

The main finance package elements available to students include loans for tuition fees and maintenance loans (to help with living costs). The maximum loan amounts are capped and the maximum amount depends on the student's circumstances. Maintenance grants are also available under certain circumstances. The grants do not have to be repaid but do reduce the amount of maintenance loan a student is entitled to claim.

Students that have finished their studies and entered the workforce, must begin to make loan repayments from the April after they have finished their studies or when their income begins to exceed the annual threshold. The annual threshold for 2018-19 is £18,330 for plan 1 and £25,000 for plan 2. The terms of loan repayment for courses of study, started before 01 September 2012 are referred to as 'Plan 1', and those started after 01 September 2012, are referred to as 'Plan 2'.

Taxpayers that have made repayments but whose total annual income was less than the respective thresholds, can apply for a student loan refund. However, an application cannot be made until after the relevant tax year has finished. Taxpayers can also apply for a refund from the Student Loans Company if the loan debt has been repaid in full.

 

Contact Us

Our expert team are here to help.
Click to contact us

 

Book an Appointment

We're just a phone call or a click away
Click to book a meeting

 

Ask a question

Need some advice. Ask us now.
Click to send a message

 

Our tax app

Check out our free Tax App.
Click for more details

Consultants

Stephen Tyas                             Stephen Ayres

 

 

Registered to carry on audit work in the UK as GBJ
Limited Liability Partnership by the Institute of
Chartered Accountants in England and Wales

Contact Us

Telephone: 01293 843900

Fax: 01293 614312

Email: office@tyas.com

5 East Park, Crawley, West Sussex, RH10 6AN

 

 

This website uses cookies to manage authentication, navigation and other functions. By using our website, you agree that we can place these types of cookies on your device.   Our Privacy Policy