Student Loan Calculation

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Jones88

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Joined: Sun Jan 10, 2021 10:46 am

Post by Jones88 » Sun Jan 10, 2021 10:59 am
Hi.
Can someone help me out here regarding student loan deductions on my I&E
I queried it with my IP as the calculations don’t seem right but they told me it is.

Example payslip they used for my calculations
4 weekly gross pay £2707.52
Tax - £361.80
NI - £237.18
£109 student loan
£10.44 union fees
Net pay £1989 after student loans

IP has calculated this way
£2707.52
Tax - £361.80
Ni - £237.18
Net pay - £2108.54
Then added on the student loan of £109
and union fee £10.44 to my pay, then shown it as a deduction in my I&E.
My income on my income on I&E is there for showing as £2227.98 4 weekly?

Should Student loan and other deductions have been added back onto the net pay £1989. And not the £2108?

kallis3

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Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Jan 11, 2021 5:20 pm
Hi,

So sorry nobody has picked up on this. Afraid I'm no good with maths! Hopefully one of our other experts will find this now it has been bumped up to the top and help you out.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Jones88

Posts: 7
Joined: Sun Jan 10, 2021 10:46 am

Post by Jones88 » Tue Jan 12, 2021 9:23 am
Thanks Kallis

Ip said about not wanting to show that it’s been taken twice so had to add it back on and then deduct it as expenditure, i just feel like they have added it to the wrong figure.

The amount after tax and Ni £2108 hasn’t had student loan deducted yet so don’t understand why student loan would be added back on to this amount.


Should they have just used £2108 as my net 4 weekly pay and just shown the student loan as a priority expenditure?

Jones88

Posts: 7
Joined: Sun Jan 10, 2021 10:46 am

Post by Jones88 » Thu Jan 14, 2021 1:14 pm
I have sorted it with IP, their calculations were wrong and they had added it back onto the wrong amount. This was making my earnings more than they are

kallis3

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Forum Expert
Posts: 76527
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Jan 14, 2021 1:29 pm
Glad it is sorted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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