Understanding Your Student Finance P60

A P60 is a summary of your earnings and the tax you’ve paid in a tax year (April 6th to April 5th). While traditionally associated with employment, a P60 from Student Finance England (SFE), Student Finance Wales (SFW), Student Awards Agency Scotland (SAAS), or Student Finance Northern Ireland (SFNI) is issued to you if you’ve made repayments on your student loan through PAYE (Pay As You Earn) – meaning deductions were automatically taken from your salary.

Why You Receive a Student Finance P60

The purpose of your student finance P60 is to provide you with a record of the total student loan repayments you’ve made during the tax year. This information is crucial for several reasons:

• Record Keeping: It serves as an official record of your loan repayments. Keep it safe, as it may be needed for future reference or if any discrepancies arise.
• Checking Deductions: You can verify that the amount deducted from your salary for student loan repayments matches the amount stated on the P60.
• Tax Returns (In some cases): Although unlikely for most individuals solely relying on PAYE, you might need this information when filing a tax return, particularly if you have complex tax affairs or if you’ve overpaid or underpaid tax.

Key Information on Your Student Finance P60

Your Student Finance P60 contains essential information. Look out for:

• Your Personal Details: Your name, address, and National Insurance number. Ensure these are accurate.
• Your Employer’s Details: The name and address of the employer from whom the deductions were made, and their PAYE reference number.
• Student Loan Repayments: This is the most important figure. It shows the total amount of student loan repayments deducted from your salary during the tax year. It might be broken down if you have more than one type of loan (e.g., Plan 1 and Plan 2 loans).
• Tax Code: This shows the tax code your employer used when calculating your tax deductions.
• Total Taxable Pay: Your gross earnings from that employment.
• Total Tax Deducted: The total income tax deducted from your earnings.

What to Do If You Spot an Error

If you believe there’s an error on your P60, such as an incorrect amount of loan repayments or inaccurate personal details, contact your employer first. They are responsible for making the deductions and reporting them to HMRC. If your employer confirms the error originated with them, they’ll need to correct their records and issue you with a corrected P60.

If, after contacting your employer, you still believe there’s an issue, contact Student Finance directly. They can investigate further and ensure their records are accurate.

Where to Find Your P60

Your employer is legally obligated to provide you with a P60 by May 31st each year. They may provide it electronically (as a PDF, for example) or as a physical document. Keep it in a safe place. If you’re unsure if you should have received one, or you haven’t received it by the deadline, contact your employer immediately.