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Student loans

20/21: Student loan repayments in context

With not long left of the 20/21 tax year but seemingly plenty left of the ongoing global situation I’ve gotten round this weekend to an update to this and this post, putting undergraduate student loan repayments together with income tax and national insurance to demonstrate the impact of loans on final take home pay.

In previous years I used PHP and Google Charts but this year I rebuilt the work in Python using Matplotlib.

The code to recreate this chart, including for the 19/20 tax year, can be downloaded here.

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Further Education

Principal’s Pay at Further Education Colleges

The pay of vice chancellors at UK universities often makes it into the news and it’s fairly easy to lookup how much your local VC is earning, with it typically published in a university’s annual report. The same cannot be said of further education colleges who very rarely offer any transparency when it comes to the pay of their principals and senior managers, despite it often rivalling that of universities. Data on principal’s pay is however collected by the Education and Skills Funding Agency (ESFA) and published here, buried in CSVs with over 400 columns that frustratingly often change format between years.

I’ve pulled this data into a small tool that allows you to rank colleges by the pay of their principals. Explore the data here.

The latest data available concerns the 2018-2019 academic year. Ranked by total remuneration, the top 5 are:

Number 1: Cliff Hall at Birmingham Metropolitan College – £322,000
number 2: Paul Phillips at weston college – £318,000
number 3: Gary Headland at lincoln college – £277,000
number 4: Liz Bromley at NCG – £274,000
number 5: John thronhill at LTE Group – £257,000

Total remuneration is the sum of the below:

  • Principal’s salary
  • Principal’s performance related pay & bonus
  • Principal’s Other emoluments including benefits in kind
  • Principal’s pension contributions
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Photos

Oslo – December 2019

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Photos

Chester – August 2019

Chester
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Photos

Split & Hvar – July 2019

Split – with a cloud
Split – with Sammi
Hvar – from above
Hvar – waiting for the boat
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Photos

London – July 2019

Regent’s Park. Photo credit: Chloe Thomson
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Photos

Pembrokeshire – July 2019

Cardigan – our cabin
Struggling with the fire
Poppet Sands
Photo credit: David Franklin
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Photos

Birmingham – June 2019

As views from a Premier Inn room go, not too bad
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Photos

Dartmoor – June 2019

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Photos

Bath – May 2019

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Student loans

Updated: Student loan payments in context

New tax year, new numbers. This post provided a comparison of total tax rates (comprised of income tax, national insurance contributions and undergraduate student loan repayments) for tax years 2017/18 and 2018/19. The chart below is updated to show how things now stand for tax year 2019/20.

19/20 Tax Year

Click here to see the full-size (interactive-ish) graph.

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Photos

Cologne – NYE 2018

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Photos

Taunton – November 2018

Categories
Student loans

Student loan repayments in context

With the government currently mulling over various changes to student finance I thought it would be a worthwhile exercise to map out how student loan repayments work in context. Repayments currently operate like a tax – graduates have 9% of everything they earn above their repayment threshold taken from their paycheck. Graduates’ repayment thresholds are determined by whether they began their studies pre-2012 (the ‘Plan 1’ regime) or post-2012 (the ‘Plan 2 regime’), whilst the thresholds themselves are raised to account for inflation annually for Plan 1 and when the government feels like it for Plan 2.

This makes it sensible to view student loan repayments alongside the other key taxes, i.e. national insurance and income tax, as you’d expect workers to be more concerned with their final takehome pay than what balance sheets their tax has been split between.

With that in mind I’ve put together a graph showing the different relationships between gross and takehome pay for workers depending on whether they have an outstanding student loan and if so under what regime.

17/18 Tax Year

Click here to see the full-size (interactive-ish) graph.

The repayment thresholds for both Plan 1 and Plan 2 are changing this coming April:

2017/18 2018/19
Plan 1 £17,775 £18,330
Plan 2 £21,000 £25,000

The income tax and national insurance thresholds will also be changing in the new tax year, so with these all put together we can see how the graph will look in April.

18/19 Tax Year

Click here to see the full-size (interactive-ish) graph.


Note: The maths for these graphs is done in PHP and I originally wrote the code that they use to form part of some money/budgeting tools I was building for myself. Being slightly obsessed with personal financial planning I wanted to know exactly how my takehome pay would change in the new tax year and thought others might too.

Further note: All of this ignores pension contributions. I don’t do pensions.