Student Loan
Helping you pay off your current debts while building up savings for your future
SAP will pay a lump sum to the Student Loan Company to help speed up the repayment of your Student Loan and reduce the amount of interest you pay over the longer term. You then repay SAP over 12 months, at the rate of a minimum of 3% of your gross basic salary. Your payment will be deducted from your net pay. Meanwhile, SAP will help you to start saving for the longer term, by paying 9% of your basic salary into your pension.
Student Loan is part of the 'Savings Choices' SAP offers to help you get the savings habit. The other three are Pension, Pension Lite and ISA. Click here to find full details of how Savings Choices work.
At a glance
-
Tax savings
-
Flexible benefit
-
FAQ
Tax savings
The money you pay for some benefits (such as your pension) is taken from your salary before tax and National Insurance are deducted. This means you don’t pay any tax on the money you use to fund these benefits. For some other benefits (such as tax-free saving for childcare) the tax is added back on to your contribution when the benefit is provided.
Employee funded (EE)
A benefit which you choose to join at an additional cost to you.
Employer funded (EF)
A benefit that is funded by the Company, at no cost to you.
Limited time benefit
You can only sign up to limited time benefits during March, or within three weeks of joining SAP.
Flexible benefit
You can sign up for flexible benefits at any point during the year. Be aware that you can’t always make changes to these benefits at any time during the year, so check on the conditions when you sign up.
