I may just be stupid, but the goverment website for student loan repayments just doesn't seem to add up.
Here's the website I'm referring to: http://ift.tt/1OLDm4m
According to the site, I must pay back 9% of my income towards my loan.
Looking at the tables, it's saying that for an income of £25,000 I would pay back £30 per month. Let's do the math:
Income = 25,000 per year 9% of 25,000 = 2,250 Monthly repayments = 2,250 / 12 = 187.5
So the monthly repayments should be £187.50, but the website states £30 per month. Even if I deduct tax (20%) from the 25k first, it still isn't anywhere near £30. What am I missing?
Edit: So apparently it's 9% of [your income - 21,000] and not 9% of your total income.
Submitted January 29, 2017 at 06:34AM by MrAnonUser http://ift.tt/2jKj8Re
