Student Loan Tax Codes & Payslips
How to read your payslip, understand Start Notices, and fix problems with incorrect deductions.
⚡ Key Points
- ✓ Student loans are not part of your tax code, they're a separate deduction
- ✓ Your employer gets a "Start Notice" from HMRC telling them to deduct
- ✓ Look for "Student Loan" or "SL" as a separate line on your payslip
- ✓ If deductions are wrong, contact HMRC or the Student Loans Company, you can also sign in to your SLC account to see your account, current plan and repayments.
⚠️Check your rate and statements
If you are on Plan 2 and earn above the higher threshold the interest rate can be RPI plus up to 3 percent depending on income. Sign in to your SLC account to see the exact interest rate on your loan and the annual statements that show the real interest rate and total interest accrued per year.