If you are or were recently a student - read this post
Apparently Inland Revenue is rather screwing all of us with student loans over, at least a little bit. There's a petition against what they're doing here but for an explanation of what's going on I refer to hannah_hinda's post here
EDIT: This has been pointed out.
"If you have been identified as a PAYE or Self-Assessment repayer, interest accrual will be suspended from the start of the tax year until the end-of-year repayment details are received from HM Revenue and Customs (HMRC) (formerly the Inland Revenue). Interest for the previous year will then be calculated and applied to your account retrospectively upon receipt of your repayment details."
Apparently the above explains how we're not being screwed over, though I don't really understand how since all it says is it's suspend until end of tax year when it's then calculated - doesn't say how it's calculated, if we pay less interest each month based on how much the previous month paid off of the loan. I'm still confused personally...
EDIT: This has been pointed out.
"If you have been identified as a PAYE or Self-Assessment repayer, interest accrual will be suspended from the start of the tax year until the end-of-year repayment details are received from HM Revenue and Customs (HMRC) (formerly the Inland Revenue). Interest for the previous year will then be calculated and applied to your account retrospectively upon receipt of your repayment details."
Apparently the above explains how we're not being screwed over, though I don't really understand how since all it says is it's suspend until end of tax year when it's then calculated - doesn't say how it's calculated, if we pay less interest each month based on how much the previous month paid off of the loan. I'm still confused personally...