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Loans. How do I set up postgraduate loan repayments?

Postgraduate loans4:26

"Loans. How do I set up postgraduate loan repayments?"

Like student loans, postgraduate loans are a deduction that's automatically taken off a person's pay, and then marked for onward payment to HMRC.

There's two ways to set up a person's postgraduate loan repayments:

  • First, when the postgraduate loan repayments are set up by you manually.
  • Or second, when it's automatically set up by HMRC through an: "HMRC notice"

Before starting, it's important to note that postgraduate loan repayments only apply to the employment types of: "Employees" and: "Zero-hour workers"

The first way to add a postgraduate loan repayment ... is manually:

  1. First, select the person who's getting the postgraduate loan repayment added on: MenuPeople
  2. And then go to: PayPay settings
  3. And scroll down to the "Repeat payables ... personal" heading.
  4. Then tap: New repeat payable
  5. Next, select: Postgraduate loan ... repayment
  6. For 99% of postgraduate loan repayments, all the defaults are now already correct.
  7. Including the "Payee", which is the bank account that the postgraduate loan repayments are paid to. The payee is automatically set to HMRC and can't be changed.
  8. You can now tap off, and you'll see that the person's postgraduate loan repayments are all set up.
  9. If you're curious to see how the postgraduate loan repayments look on the person's paystub, hover your mouse over the postgraduate loan, and tap the "See on paystub" button:
  10. You'll now see a paystub amount showing under: "Post-tax withholdings"
  11. And if you hover your mouse over the amount, you'll see a breakdown of the postgraduate loan repayment calculation.
  12. Also, if a person already has student loan repayments, it's quite normal for them to also have postgraduate loan repayments side-by-side. Having two loans is quite common if the person's gone on to do postgraduate studies.
  13. And finally, if you scroll up and tap the "Next paystub" circle, you'll see the same amount repeated on every payday, as expected.

The second way to add a postgraduate loan repayment ... is when it's automatically set up, or modified, by HMRC through an "HMRC notice":

  1. First, to see the "HMRC notices", select the pay batch on: MenuPay batches
  2. Then tap: FormsHMRC notices
  3. You'll now see all your pay batch's HMRC notices from over the last year.
  4. Examples of "HMRC notice" actions include: starting or stopping a postgraduate loan repayment, or modifying the postgraduate loan repayment type.
  5. To see an HMRC notice's full message, tap the blue "See event" button: (at the start of any row)
  6. As long as the "HMRC notice" can be matched to a person, the action in the notice is auto-scheduled to be carried out by 1st Money.
  7. So in most cases: "There's no action required from you."
  8. Also, for every auto-scheduled change that involves a person, two copies of an HMRC notice are emailed out.
  9. And finally, one is emailed to the person involved, and the other to the pay batch's payday admin, so everyone knows what's happened.

Keep in mind that:

  • If the option for postgraduate loan repayments doesn't show up in the list, check that the person's employment type is one of: "Employee" and: "Zero-hour workers"
  • Which are the only two employment types that're eligible for postgraduate loans.
  • Also, postgraduate loans can only be set up manually because postgraduate loans don't automatically show up as an option during onboarding.

To learn more:

And that's it! That's all you need to do to set up a postgraduate loan repayment!

Updated: Sat, Feb 24, 2024.

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