UK Pay: Is It Possible for an Employee to Have Student Loans with Both Plan1 And Plan2 Simultaneously?
(Doc ID 2478043.1)
Last updated on MARCH 08, 2021
Applies to:Oracle HRMS (UK) - Version 12.1.3 and later
Information in this document applies to any platform.
Student Loan element does not have Multiple Entries flag checked. Therefore, multiple entries for this element type are not allowed.
But, as per HMRC instructions: https://www.gov.uk/repaying-your-student-loan/what-you-pay
If you have Plan1 and Plan2 Loans:
You pay back 9% of your income over the Plan 1 threshold (£352 a week or £1,527 a month).
If your income is under the Plan 2 threshold (£480 a week or £2,083 a month), your payments only go towards your Plan 1 loan.
If your income is over the Plan 2 threshold, your payments go towards both your loans.
Is it possible for an employee to have Student Loans with both Plan 1 And Plan 2 simultaneously?
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