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Tara2021(Initiate)Initiate
3 Aug 2023

Hi

I’ve just recently submitted my tax return and I’ve noticed that my employer withheld $7.5k for my student loan repayment. When I checked my loan repayments only 2.5k compulsory repayment was made. I’m wondering why the repayment was so low? Last year my compulsory repayment was $4k? Also what happens to the other $5k that my employer held? Will I see that in my tax return this year as a refund? It’s ashame they didn’t just put it all to my student debt!

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1,095 views
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Most helpful reply

EdenATO(Community Support)Community Support
3 Aug 2023

Hello there @Tara2021,


The repayment thresholds and rates have changed over the years. This could explain the change in your payments.


Yes, any extra amounts not put to the loan will be counted in your tax return and refunded. This is as long as you don't have any other obligations to account for.


You can make a voluntary payment to your student loan at any time. If you'd rather have the extra amounts paid to the debt, You can do this when you get your refund.

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Most helpful reply

EdenATO(Community Support)Community Support
3 Aug 2023

Hello there @Tara2021,


The repayment thresholds and rates have changed over the years. This could explain the change in your payments.


Yes, any extra amounts not put to the loan will be counted in your tax return and refunded. This is as long as you don't have any other obligations to account for.


You can make a voluntary payment to your student loan at any time. If you'd rather have the extra amounts paid to the debt, You can do this when you get your refund.

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