Paying too little student loan?

[goodmornsunshine]

My salary is £30.5k and I have just been sorting through my payslips and noticed I have only been paying £14 per month for student loans.

Have done a few online calculators and they are all saying it should be £60/£70ish per month - is this correct?

Does anyone have any ideas? All my pay/payslips are sorted by my employer, I'm not self employed etc

(I have just posted another thread that I think I might be on an incorrect tax code so may well be something to do with that?!)

There are different repayment levels depending on when you started your degree and where: www.gov.uk/repaying-your-student-loan/which-repayment-plan-you-are-on

If it’s Plan 2 I think it should be around £24 per month so higher than your £14 but much lower than £70. I don’t know much about Plan 4 but that’s different again.

Sorry I should have added I'm on Plan 1!

On plan 1 it should be higher. What's your tax code and how much do you pay into your pension?

Do you pay pension contributions and/or childcare vouchers by salary sacrifice? If so, this will reduce your student loan repayment.

My tax code is 963L (but I am 99% sure this is wrong and it should be the standard 1250L, I only have one job) and I do pay £100 per month pension salary sacrifice!

Hmm it sounds very close to what you would be paying on Plan 2 taking into account that pension contribution …

@goodmornsunshine

My tax code is 963L (but I am 99% sure this is wrong and it should be the standard 1250L, I only have one job) and I do pay £100 per month pension salary sacrifice!

I've just put all that info into salary calculator Inc the £100 a month sal sac and your tax code and it says £70 a month student loan under plan 1. Changed your tax code to what it should be and it still comes up with £70pm

It's definitely Plan 1, I started uni in 2010

It's weird isn't it, I've tried to find old playslips to see what I've paid before on similar salary but haven't got any to hand at the moment but am 99% sure it's been more than £14.

I guess I should call student loans company this week but worried they are going to give me a massive bill to repay

This part of the loans website suggests it might be worth asking your payroll department first before SLC: www.gov.uk/repaying-your-student-loan/which-repayment-plan-you-are-on

^If you think you’re on the wrong plan
Check which plan you’re on by signing in to your online repayment account and downloading your ‘active plan type letter’.^

Then ask your employer which plan they have you on.

If it’s different from the plan in your letter, show this to your employer so they can update your payroll details. You can get a refund if you should have been on Plan 2 or Plan 4 and you overpaid.

@goodmornsunshine

It's definitely Plan 1, I started uni in 2010

It's weird isn't it, I've tried to find old playslips to see what I've paid before on similar salary but haven't got any to hand at the moment but am 99% sure it's been more than £14.

I guess I should call student loans company this week but worried they are going to give me a massive bill to repay

I don't think they can demand monies back. More likely they will just adjust it going forward. Might be better off speaking to your company payroll dept though. It may be an error their side as you will need to talk to them about your tax code too