ARTICLE HAS NOW BEEN UPDATED FOR THE 14-15 TAX YEAR

If you have a UK Student Loan balance that was taken out after August 1998 then HMRC is responsible for collecting the repayments.

For the 2014-15 tax year (6th April 2014 to 5th April 2015) you will have to pay HMRC 9% of any of your income over £16,910.

If you have an employment this will be deducted from your payroll but if you also have a self-employment bear in mind that any additional student loan repayments due will be calculated through your personal tax return and will be due for payment by 31 January after the end of the tax year.

So remember to factor in an additional 9% of your self employed profits when you are putting money aside, for your student loan repayments, assuming you’re over the threshold.