Collection of Student Loans
20 February 2018
Do you have any questions or issues relating to the collection of student loans that you would like us to put forward for discussion at the next Collection of Student Loans (CSL) Consultation Forum?
The next meeting is Tuesday 27 February so if you do have any items please email us before this date at policy with ‘CSL Forum’ as the subject.
This also serves as a timely reminder about some changes to student loans from 6 April 2018:
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The plan 1 threshold will be increasing from £17,775 to £18,330
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The plan 2 threshold will be increasing from £21,000 to £25,000
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The plan type needs to be reported on the Full Payment Submission (FPS) – this is a mandatory requirement for all employees who are in repayment for student loans. Your software will include a new box for the plan type
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HMRC will send a Generic Notification Service (GNS) message to your PAYE online inbox if you do not include the correct student loan plan type on your FPS for a specific employee. This GNS message is a prompt for you to check and make the correct deductions for future pay periods
You can find more information about plan types, thresholds and the Generic Notification Service (GNS) on GOV.UK.
HMRC’s latest Employer Bulletin also provides an update on Student Loans, see page 8 of the Employer Bulletin: February 2018.