I have significant student loan debt.
I am on plan 2 repayment and just received my first payslip.
I earn £22k and so by their rules I need to pay back 9% of my annual salary over £21k that being in my case: £(1000*0.09)/12=£7.5 per month.
Yet on my first payslip they have taken £53.
I am wondering why this might be the case.
It seems like they have taken all the payments from now until the end of the tax year, April 2018 that is £7.5 for each of the months until then (Sept,...,Mar) giving 7*£7.5=£52.5 which isn't £53 exactly anyway????
I am wondering exactly what is going on here and can anyone explain why they have taken so much more than the £7.5 I think they should be taking?
(BTW this a a plan 2 repayment scheme for a English student loan)