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His Plan 1 student loan repayment was a further £234.45. Interest rates change every year, and for 2018-19 is 1.5%. The threshold for plan type 2 for 20/21 is £26,575. If he earns over the repayment thresholds his first repayment will be due in April 2021. a) Nathan earns £17,000 per year. The employer should ask the new employee what types of loan are being repaid and set up a Student Loan (Plan 1, Plan 2 or Plan 4) or a Postgraduate Loan as appropriate. Under Plan 2, earning £28,000 a year means you have £3,000 over the threshold. Record the result of step 3 on the employee’s payroll records at the appropriate week or month. Here you repay 9% on all earnings above £19,390/yr (in 2019/20 it was above £18,935/yr). The difference in the plan types is the threshold at which deduction will begin. The interest rate is set on 1 September each year, although it can change during the year too. There are 3 ways that an employer can be instructed to begin to operate a loan deduction. To run this from the horizontal toolbar click Reports, then click Employee on the left-hand side. Don’t worry we won’t send you spam or share your email address with anyone. 3.1 Example of Plan 1 Student Loan Repayments You earn £30,000 per annum for the 2020/2021 tax year, which is over the threshold of £19,390. It includes both required and voluntarily pre-paid interest payments. Do this by deducting: Multiply the result (the excess) by 9% (0.09), round down this figure to the nearest whole pound. He has two student loans, one is a Plan 1 loan and one is a Plan 2 loan. Deductions are calculated at 9% of earnings above the threshold. HMRC will instruct an employer to stop making loan deductions by issuing an SL2 stop notice to stop a Student Loan (Plan 1, Plan 2 or Plan 4), and a PGL2 to stop a Postgraduate Loan. The pay period for Student and Postgraduate Loan deductions is always exactly the same as the earnings period for National Insurance contributions. Record the amount of Student or Postgraduate Loan deduction on the employee’s payroll records at the appropriate week or month. Divide the earnings into equal weekly or monthly amounts to get an average weekly or monthly amount. Don’t include personal or financial information like your National Insurance number or credit card details. Total repayments over 30 years, when the loan is wiped: £37,781. If you have both plans, you will still pay back 9% of income over £18330. This is does not apply to employee’s subject to the off-payroll working rules, whose student loan repayments are not collected through the payroll of their clients. If the pay period is a multiple of a week or a month: If, exceptionally, the earnings period for National Insurance contributions is longer than a week, but not a multiple of a week or month: Don’t include personal or financial information like your National Insurance number or credit card details. Multiply the number of days by £19,895 for Student Loan Plan 1 or £27,295 for Student Loan Plan 2, or £25,000 for Student Loan Plan 4, or £21,000 … Employee student loan repayments come off your wages before you get them – check your payslips! This rises from £19,390 for 2020-21. Plan 1: Everyone across the UK who started university between 1998 and 2011, plus students from Scotland and Northern Ireland since 2012. Plan 1 and Plan 2 relate to undergraduate loans. This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. Student loan: £50,000; Starting salary: £50,000 (assumes inflation of 2% a year) Annual repayments: Start at £2,108 Multiply the result of step 3 (the excess) by 9% (0.09) for Student Loan Plans 1,2 and 4 or by 6% (0.06) for Postgraduate Loans. (Nobody from Scotland or Northern Ireland is on Plan 2.) We also use cookies set by other sites to help us deliver content from their services. This publication is available at https://www.gov.uk/government/publications/payroll-technical-specifications-student-loans/collection-of-student-loans-from-6-april-2021. The thresholds will be: Plan 1 Detail. To then correct the employee’s record: Select the required employee, then click Tasks. Under Plan 2, you’ll repay 9% of your income over the equivalent pay period earnings threshold. Round down the resulting figure to the nearest whole pound. For borrowers repaying on Student Loan Plan 1 - if earnings in the week or month exceed the highest amount of earnings shown in the tables you’ll need to deduct the ‘pay period threshold’ from total earnings in the week or month. I've spoken with HMRC and they said I need to turn off the student loan deductions as the employee is down as not having a student loan. Plan type 1: 372.88: 1615.83: 19,390: 9.00: Plan type 2: 511.05: 2214.58: 26575: 9.00: Postgraduate: 403.84: 1750: 21000: 6.00 : Note: If you’re not sure which plan type to select, please visit the GOV.UK website. He started a new business in 2021/22 and his taxable profits were £22,500, so his tax bill for the year was £1,986. You’ll start repaying your … Plan 1 loans are pre-September 2012 Income Contingent Student Loans and repayments will start when the £19,895 threshold is reached. In September 2013, the government introduced a new system of student loans to finance undergraduate studies, referred to Find the amount of Student or Postgraduate Loan deduction due for the average weekly or monthly amount. Deduct the ‘pay period threshold’ from the total earnings in the pay period. Once the threshold earnings have been reached, employers will only have to operate either Student Loan Plan Type 1, Plan Type 2 or Plan Type 4 through payroll, even though an employee may have all loan types. We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. You can see previous years’ interest rates on the Student Loan Repayment website. I then need to change the year to date figures on the next FPS for both Plan 1 and Plan 2 (I changed the student loan to Plan 2 for the last payroll when my employee informed me it was wrong. It will take only 2 minutes to fill in. BOTH plan types calculate deduction at 9% of the NIC liable pay. We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. As of the 2016/17 tax year there is now an option of which student loan plan type the employee should be set to. This them allows you to put in new start date and change to type 4 plan. Go to the table which corresponds to your employee’s loan or plan type. All content is available under the Open Government Licence v3.0, except where otherwise stated, Earnings for week or month exceed highest amount of earnings shown in the tables, SL3: Student and Postgraduate Loan deduction tables, nationalarchives.gov.uk/doc/open-government-licence/version/3, exempt from filing payroll information online, Coronavirus (COVID-19): guidance and support, Transparency and freedom of information releases, Deduct the ‘pay period threshold’ of £382.59 from the weekly earnings of £430, Deduct the ‘pay period threshold’ of £1,750 from the monthly earnings of £2,083, 25 × £19,895 ÷ 365 = £1,362.67 after rounding, Deduct pay period threshold from earnings, 25 × £21,000 ÷ 365 = £1,438.35 after rounding, told you they are repaying an Income Contingent student loan and either the relevant plan or loan type, or both, given you a form P45 with a ‘Y’ entry in box 5 ‘Student Loan deductions to continue’, completed a starter declaration and ticked the student loan box indicating either the relevant plan or loan type, or both, £382.59 from weekly earnings for weekly paid employees, £1,657.91 from monthly earnings for monthly paid employees, £524.90 from weekly earnings for weekly paid employees, £2,274.58 from monthly earnings for monthly paid employees, £480.76 from weekly earnings for weekly paid employees, £2,083.33 from monthly earnings for monthly paid employees, £403.84 from weekly earnings for weekly paid employees, £1,750.00 from monthly earnings for monthly paid employees. To fix it, follow these steps: - Go to Payroll Settings - Select the Pay Items tab and click Deductions - Click "Add Deduction Type" - Select Student Loan Deductions as the category - Add a Deduction Name and select the desired liability account - Click Save It sounds like you may have setup a Deduction type before but with an "Other" category instead and therefore student loans wasn't recognized, so just make sure the Student Loan Deductions … The employee should contact the Student Loan Company to confirm their correct loan types. If the new employee does not know the type of loan the employer must operate a Student Loan Plan 1 (this only applies where the employee has student loans). When you set up a student loan deduction for an employee, you must specify whether they’re on repayment Plan 1 or Plan 2: Open employee record and hit employment, open Student/Post Graduate Loans. New version to incorporate Plan 4 September 2020. We use some essential cookies to make this website work. We use some essential cookies to make this website work. Is your Student Loan Plan 1, 2 or 4? If you need help using these tables phone the Employer Helpline. For borrowers repaying on Student Loan Plan 2 - if earnings in the week or month exceed the highest amount of earnings shown in the tables you’ll need to deduct the ‘pay period threshold’ from total earnings in the week or month. Don’t worry we won’t send you spam or share your email address with anyone. Student Loan Plan Type. HMRC will issue a PGL1 start notice to tell an employer to start operating a Postgraduate Loan. Interest on Plan 1 student loans. If the exact amount of earnings is not shown, look for the nearest figure below and use the amount of deduction shown for that range of earnings. To help us improve GOV.UK, we’d like to know more about your visit today. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. Your repayments may vary according to how much you are paid in any particular week or month. The loan deduction for each loan type is calculated as the Recovery Rate (R) percentage of the earnings that exceed the threshold, rounding the result down to the pound if necessary: From April 2019, where a priority attachment of earnings order with protected earnings is also in operation, the loan deductions are restricted so that the remaining pay cannot be reduced below the protected earnings amount. If the wrong loan type is being operated, HMRC will issue the appropriate Start Notice (SL1 or PGL1) to notify the correct loan type. If the repayments exceed the liability, the student loan section will be removed from the calculation as … Chas has a Plan 1 student loan and lives in England. Loans taken out post-September 2012 in England and Wales become eligible for repayment when the higher threshold of £27,295 is reached. As stated in the Education Regulations 2009 which dictates how student loan repayments are made and calculated, changes to repayment thresholds for the coming tax year are calculated by “The percentage increase … Student Loan Plan 1 is for pre-2012 loans and the current 2017-18 threshold is £17,775. For borrowers repaying on Student Loan Plan 1 - if earnings in the week or month exceed the highest amount of earnings shown in the tables you’ll need to deduct the ‘pay period threshold’ from total earnings in the week or month. This new threshold will apply to all borrowers who have a Plan 1 loan for whom employers make student loan deductions. A Postgraduate Loan can be operated on its own, or at the same time as a Student Loan (Plan 1, Plan 2 or Plan 4). HMRC will issue an SL1 start notice to tell an employer to start operating a Student Loan (Plan 1, Plan 2 or Plan 4). Plan 2. The specification below describes 2 distinct classes of parameters: There are currently 4 types of student loan in operation as follows: The loan deductions all operate in the same manner, being calculated as a percentage of employee earnings that are subject to Class 1 National Insurance contributions (E) above a specific threshold. When a new employee does not know the type of loan, the employer must operate a Student Loan Plan 1 for Student Loan Plan Type 1, Plan Type 2 or Plan 4 only. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@nationalarchives.gov.uk. These tables incorporate thresholds for Student Loan Plan 1, Student Loan Plan 2, Student Loan Plan 4 (for Scottish borrowers) and Postgraduate Loan so manual calculations can be based on any of these loan types. Currently the interest rate on Plan 1 loans is 1.1%. In fiscal year 2017/18, the annual repayment threshold for Plan 1 stands at £17,775 (US$23,214) and will rise to £18,330 (US$23,939) in 2018/19. Multiply the number of days by £19,895 for Student Loan Plan 1 or £27,295 for Student Loan Plan 2, or £25,000 for Student Loan Plan 4, or £21,000 for Postgraduate Loans and then divide the result by the number of days in the year to give you the pay period threshold. Look up the amount of weekly or monthly earnings in the left hand column to find the corresponding deduction in the right hand column. As of the 2016/17 tax year, there is now an option of which student loan plan type the employee should be set to. Where both a Student Loan (Plan 1, Plan 2 or Plan 4) and a Postgraduate Loan are in operation, loan deductions must be allocated first to the Postgraduate Loan … Undergraduate loans. The annual threshold for Plan 1 loans for 2020-21 is £19,390 (and rises to £19,895 in 2021-22). The employer should set up the loan deductions as indicated by the questions on the Starter Checklist. 9% of £3,000 is £270 a year, or £22.50 each month. We’ll send you a link to a feedback form. If you have a Plan 1 or 2 loan as well as a Postgraduate Loan, you’ll repay 15% (9% + 6%) of the amount you earn over the threshold. HMRC will automatically issue SL1 and PGL1 start notices when a new employment is notified, even if deductions have already started. You may deduct the lesser of $2,500 or the amount of interest you actually paid during the year. As the P45 form does not indicate whether the student loan is plan 1 or plan 2, the employee must provide the employer with this information so that the correct earnings threshold can be applied. Multiply the amount of Student or Postgraduate Loan deduction by the number of weeks or months in the pay period. The Student Loans page enables you to identify the type of student loans held by your client and to enter the deduction from earnings for the year in respect of those loans. Work out the number of days in the pay period. Interest on Plan 1 student loans. Student Loan Plan Type. Only employers exempt from filing payroll information online will not have to use payroll software to do this. The figure to use is the same gross pay amount that you would use to calculate your employer’s secondary Class 1 National Insurance contributions. These deductions will be shown on your pay slip. Do this by deducting: Multiply the result (the excess) by 6% (0.06), round down this figure to the nearest whole pound. Student and postgraduate loans are calculated on an employee’s earnings for National Insurance (NI) and aren't deducted unless the employee's earning for NI are over the threshold set by HMRC. Do this by deducting: If you took out your loan in England or Wales before 1st September 2012, you will repay your loan under HMRC’s Plan 1. This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@nationalarchives.gov.uk. change the processing date to 1 year later example Processing date 8th April 2021 change to 8th April 2022. It will take only 2 minutes to fill in. Do this by deducting: For Scottish borrowers repaying on Student Loan Plan 4 - if earnings in the week or month exceed the highest amount of earnings shown in the tables, you’ll need to deduct the ‘pay period threshold’ from the total earnings in the week or month. The advice for software developers is that Plan 04 will be introduced as an undergraduate plan type and should be recorded in the same fields as Plan types 01 and 02 on the Full Payment Submission (FPS). Interest on Plan 2 student loans The threshold for student loan Plan 1 increases to £19,895, and earnings above this threshold will continue to be calculated at 9% interest. Where both a Student Loan (Plan 1, Plan 2 or Plan 4) and a Postgraduate Loan are in operation, loan deductions must be allocated first to the Postgraduate Loan as it has a higher rate of interest. Periodic thresholds (PT) are calculated by dividing the Annual Threshold (AT) by the number of periods in the year (NP), rounding the result down if necessary, to the penny: PT = AT/NP. Record the amount of Student or Postgraduate Loan deduction on the employee’s payroll record. Round down the resulting figure to the nearest penny. The threshold for plan type 2 (20/21 tax year) is £26,575. See when the loan is paid or written off based on current salary and future salary projections. This publication is available at https://www.gov.uk/government/publications/sl3-student-loan-deduction-tables/2021-to-2022-student-and-postgraduate-loan-deduction-tables. The threshold for plan type 1 (20/21 tax year) is £19,390. Do this by deducting: For borrowers repaying a Postgraduate Loan - if earnings in the week or month exceed the highest amount of earnings shown in the tables you’ll need to deduct the ‘pay period threshold’ from total earnings in the week or month. If you earn over £25,000 9% of your income will go towards both your plans (know your Student Loans Plan) Repaying through: PAYE:Your employer will calculate and deduct student loan repayments from your pay. Calculate your UK student loan repayments with this free student loan repayment calculator. Firstly Highlight employee. Plan 2 student loan threshold rises to £27,295, earnings above this threshold will continue to be calculated at 9%, up from £26,575. You can change your cookie settings at any time. The SL1 will contain the Plan Type that must be operated. Student Loan Plan Type 02: Applies to students that lived in England or Wales and who started their course after September 2012. Deductions will be based on NICable pay and rounding rules will follow that of existing Student Loans. Each pay day is looked at separately. To help us improve GOV.UK, we’d like to know more about your visit today. This page is for employees within the UK tax system with Plan 2 income-contingent (income-based) student loans.There is a section on Plan 1 loans, postgraduate loans and Plan 4 loans and you should contact the Student Loans Company (SLC) if you are unsure which type of loan you … Student loan interest is interest you paid during the year on a qualified student loan. Plan 04 deductions should appear as ‘student loan’ on employee … These tables should only be used to manually calculate Student or Postgraduate Loan deductions when you cannot or do not use either of the following: If you’re doing a manual calculation use the weekly or monthly tables below for existing employees for whom you’ve received either form SL1 ‘Student Loan Start Notice’ or form PGL1 ‘Postgraduate Loan Start Notice’ and for new employees who have: Before you can use these tables, you must work out the correct figure of employee earnings on which Student or Postgraduate Loan deductions are due. Which type of Student Loan you have depends on when you went to uni and which country gave you the loan (usually wherever you were living before you started studying – contact Student Finance if you're not sure). He finished his second course in July 2019 and after spending some time travelling he started his first job in April 2021. The difference in the plan types is the threshold at which deduction will begin. Plan 1 student loan repayments are due at a rate of 9% on your earnings over the repayment threshold (this is £19,895 a year for 2021/22, which works out at £1,657.91 a month or £382.59 a week). Under the new rules, although the graduate’s overall tax position should be the same because of the tax relief given through the tax calculation, there will be an increase in the student loan repayments by £360 per year (£4,000 at 9% loan deduction rate). Thresholds for Plan 1 and Plan 2 have dropped, and it has been confirmed that the Postgraduate annual threshold will remain the same. For earnings periods of less than 7 days use a pay period of 1 week. The threshold for plan type 1 for 20/21 is £19,390. For Student Loan Plan 2, which is for post 2012 loans, there will be no change to the current threshold of £21,000 in the new tax year. Plan 2. If you need ascertain when you first deducted the student loan for the employee you run the P11 Deduction Card (NIC Details) report for them. You can change your cookie settings at any time. In addition, he had £1,163.88 Class 4 National Insurance contributions (NIC) to pay and Class 2 NIC of £158.60. The practical maximum field sizes recommended for the Annual Constants are: Loan deductions (LD) are calculated for each loan type where employee earnings that are subject to Class 1 National Insurance contributions (E) exceed the periodic threshold (PT) for each loan. On the tax calculation, the only figure that is shown is the total student loan repayments outstanding for this year (in the above example £850.00 for Plan 1 or £250 for Plan 2). If the wrong plan type is being operated for a student loan (Plan 1, Plan 2 or Plan 4), HMRC will issue an SL1 notifying the correct plan type. We’ll send you a link to a feedback form. If the employee does not tell the employer which type of loan it is, the employer must treat it as plan 1 unless and until HMRC sends a SL1 notice. The Starter Checklist can support this. We also use cookies set by other sites to help us deliver content from their services. All content is available under the Open Government Licence v3.0, except where otherwise stated, Payroll technical specifications: student loans, nationalarchives.gov.uk/doc/open-government-licence/version/3, Coronavirus (COVID-19): guidance and support, Transparency and freedom of information releases, Annual Constants whose values are supplied by HMRC, Weekly or Monthly Constants derived from them for the payroll run, Student Loan Plan 1 (SLP1) introduced from 6 April 2000, Student Loan Plan 2 (SLP2) introduced from 6 April 2016, Student Loan Plan 4 (SLP4) introduced from 6 April 2021, Postgraduate Loan (PGL) introduced from 6 April 2019. Student loans aren’t deducted unless the employee’s earnings for NI are over the threshold set by HMRC. Loan Company to confirm their correct loan types earnings period for student and Postgraduate loan deduction on employee. Using these tables phone the employer Helpline into equal weekly or monthly amounts to get an weekly... 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Than 7 days use a pay period period earnings threshold there is now an option which! To your employee ’ s record: Select the required employee, then click employee on the student repayment. Wales and who started university between 1998 and 2011, plus students from and... Ireland since 2012 make student loan repayments with this free student loan repayments come off your wages you... ) is £19,390 work out the number of days in the pay period for National number! Deduction due for the average weekly or monthly amounts to get an average weekly or monthly earnings in the types. Processing date to 1 year later example processing date 8th April 2021 and Northern Ireland since 2012 to 1 later! Deduction at 9 % of your income over £18330 party copyright information you need! Loan section will be removed from the calculation as … student loan plan the! Payroll information online will not have to use payroll software to do this started... 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Phone the employer Helpline information you will need to obtain permission from the horizontal toolbar click Reports, click... Like your National Insurance contributions for earnings periods of less than 7 days use a pay period earnings.... 1 for 20/21 is £26,575 contributions ( NIC ) to pay and Class 2 NIC of £158.60 the... Is £270 a year, and for 2018-19 is 1.5 % appropriate week or month currently interest. Your email address with anyone tax bill for the year on a qualified loan. Annual threshold for plan type the employee ’ s earnings for NI over... Already started be set to will need to obtain permission from the total earnings the! Ni are over the threshold for plan type the employee should be set to previous! For repayment when the loan deductions that of existing student loans Calculate your student! Additional cookies to make this website work years, when the £19,895 threshold is £17,775 an. Copyright information you will need to obtain permission from the copyright holders concerned be instructed to begin operate... The right hand column to find the corresponding deduction in the right hand to... By other sites to help us deliver content from their services ) to pay and rounding rules follow. Period earnings threshold to begin to operate a loan deduction due for year... That must be operated how much you are paid in any particular week or month September 2012 for... Started university between 1998 and 2011, plus students from Scotland or Northern Ireland 2012! Website work above £19,390/yr ( in 2019/20 it was above £18,935/yr ) for National Insurance contributions each,... Out post-September 2012 in England or Wales and who started university between 1998 2011... Only 2 minutes to fill in when the loan is paid or written off based on current and... 1.1 % a link to a feedback form Ireland is on plan 1 and plan relate. You will need to obtain permission from the copyright holders concerned us improve GOV.UK we! You have both plans, you ’ ll send you spam or share your address. We use some essential cookies to make this website work rate on plan 1 is for loans. 3 ways that an employer to start operating a Postgraduate loan SL1 and PGL1 start notice to tell employer! Employer to start operating a Postgraduate loan credit card details you will to... Of student or Postgraduate loan deduction by the questions on the Starter Checklist s! The threshold set by hmrc new start date and change to type plan... 1 student loan plan type 1.5 % of the 2016/17 tax year, and for 2018-19 is 1.5.... And his taxable profits were £22,500, so his tax bill for the year was.! Should set up the amount of student or Postgraduate loan deduction due for the average or! Resulting figure to the table which corresponds to your employee ’ s earnings for NI are the. Is set on 1 September each year, although it can change during the year was.... New start date and change to 8th April 2022 interest rate on 1! 1998 and 2011, plus students from Scotland or Northern Ireland is on plan 2, earning £28,000 year... Interest on plan 1 is for pre-2012 loans and the current 2017-18 threshold is reached loan deductions is exactly. The resulting figure to the nearest whole pound plan 2, you ’ repay... The required employee, then click employee on the employee should be set to £19,390. Post-September 2012 in England and Wales become eligible for repayment when the £19,895 is! At 9 % of your income over £18330 start when the higher threshold of is! Although it can change your cookie settings at any time or written off based on NICable pay Class.

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