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The borrower may be due a refund in the following instances:

• they've paid more than the total amount they owe
• their annual income was below the threshold
• they started making repayments before they needed to
• they've repaid more than they need to because their employer had them on the wrong repayment plan

The borrower can visit the聽gov.uk website聽to find out if they are due a refund.听

The following examples demonstrate the position and assume that the annual threshold is 拢17,495 and the rate is 9 per cent.

Example 1 - Borrower's income is less than the annual threshold

The borrower has an annual salary of 拢13,320 paid weekly. No deductions will be made by the employer on the salary alone because the wages do not exceed the threshold of 拢336 per week.

However, in addition, a bonus of 拢900 is paid in week 32. For that week only the employer will have correctly made Student Loan deductions. The deduction made in accordance with the Student Loan Deduction Tables will be 拢74.

Because the borrower鈥檚 earnings for the year did not exceed the annual threshold of 拢17,495 a refund of the deductions made, 拢74, will be due.

Notes:

• 1)聽聽The employer will not make a refund because deductions were made correctly according to the Student and Postgraduate聽Loan Deduction Tables which are non - cumulative.
• 2)聽聽The Student Loans Company will handle any refund of repayment. For more information,聽 the borrower should visit聽gov.uk website.听
• 3)聽聽The weekly limit, below which no loan repayments need be made, is not an exact divisible of the annual threshold
  • The apparent discrepancy is because Student Loan deductions are always rounded down. A borrower could therefore earn slightly more than the strict weekly threshold before making payments because the resulting liability is less than 拢1.
  • The Student and Postgraduate Loan Deduction Tables have been devised to take the rounding - down factor into account.

Example 2 - Borrower's income is more than the annual threshold, (拢17,495)

The borrower has an annual salary of 拢16,000 paid weekly. No deductions will be made by the employer on the salary alone because the wages do not exceed the threshold of 拢336 per week.

However, in addition, a bonus of 拢2000 is paid in week 32. For that week only the employer will have correctly made Student Loan deductions. The deduction made will be 拢176 (307.69 + 2000 - 336 x 9 per cent = 拢177).

It may appear that a refund of repayments is due to the borrower because, by reference to the annual threshold the position appears to be

Income (拢18,000) - Annual Threshold (拢17,495) X 9 per cent = 拢45. Refund due 拢132 (拢177 - 拢45)

However, no refund of deductions is due to the borrower because

• 1)聽聽The employer has deducted Student Loan repayments in accordance with the Student and Postgraduate聽Loan Deduction Tables
• 2)聽聽The borrower's income for the year exceeds 拢17,495