I'd like to preface this by saying that if I am legally required to pay the higher amount, then of course I will. But as any human (presumably), I would prefer to pay less.
I am also on Plan 1 for repayment.
I recently moved to Canada and have just started working with a salary of $120,900 CAD. From that, I used the following math to work out how much I'd likely be paying each month (If my math is wrong, which is entirely possible, please correct me), I left off pence/cent amounts for readability, so some numbers will be off by the odd pound/dollar:
Threshold for Canada(GBP): £18,935.00
Equivalent (CAD) @ 0.576222: $32860
Total yearly income (CAD): $120,900
Total minus threshold (CAD): $88,040
9% of above (CAD): $7,923
Monthly repayment (CAD): $660
Total monthly charge for not providing information (GBP): £246
Equivalent (CAD) @ 0.576222: $426.90
Given that the default monthly repayment charge is significantly less than my projected payment amount, am I able to simply pay the lower amount?