If you have a student loan this needs to be included on your tax return. You’ll only repay it IF you’re over the threshold.
Once you’re over the repayment threshold the rate at which you pay it back remains the same wherever you earn your income.
When you’re completing your tax return in Earnr, you can include your student loan under Other adjustments on the Tax tab.
How much will you need to pay?
The repayment rate for undergraduate loans is 9% of income over the threshold and for post-graduate loans it’s 6%.
For undergraduate loans, you’ll pay 9% on anything you earn over:
£1,657 a month if you started university before 1 September 2012 (plan 1)
£2,274 a month if you started on or after 1 September 2012 (plan 2)
For postgraduate loans, you’ll pay 6% on anything you earn over £2,083 a month.
To make things simple, we’ve included the calculation of student loans in our Tax Calculator in Earnr.