How much you repay

How much you repay depends on your income - the amount you earn (including things like bonuses and overtime) before tax and other deductions.

You바카라 사이트™ll repay a percentage of your income over the income 바카라 사이트˜threshold바카라 사이트™ for your type of loan, depending on how often you get paid.

The income thresholds are different for each plan type.

Plan type Yearly income threshold Monthly income threshold Weekly income threshold
Plan 1 £26,065 £2,172 £501
Plan 2 £28,470 £2,372 £547
Plan 4 £32,745 £2,728 £629
Plan 5 £25,000 £2,083 £480
Postgraduate Loan £21,000 £1,750 £403

You바카라 사이트™ll repay either:

  • 9% of your income over the threshold if you바카라 사이트™re on Plan 1, 2, 4 or 5
  • 6% of your income over the threshold if you바카라 사이트™re on a Postgraduate Loan plan

The examples show how much you바카라 사이트™d repay depending on your income and plan type:

Example

You바카라 사이트™re on Plan 1 and have an income of £33,000 a year, meaning you get paid £2,750 each month.

Calculation:

£2,750 바카라 사이트“ £2,172 (your income minus the Plan 1 threshold) = £578 

9% of £578 = £52.02

This means the amount you바카라 사이트™d repay each month would be £52.

Example

You바카라 사이트™re on Plan 4 and have an income of £36,000 a year, meaning you get paid £3,000 each month.

Calculation:

£3,000 바카라 사이트“ £2,728 (your income minus the Plan 4 threshold) = £272 

9% of £272 = £24.48

This means the amount you바카라 사이트™d repay each month would be £24.

If your income changes during the year

You바카라 사이트™ll make a repayment if your income goes over the weekly or monthly threshold for your plan (for example, if you바카라 사이트™re paid a bonus or overtime). You can ask for a refund at the end of the tax year if your annual income is less than the yearly threshold for your plan.

Interest

How much interest you바카라 사이트™re charged depends on which plan you바카라 사이트™re on. You바카라 사이트™re currently charged:

  • 4.3% if you바카라 사이트™re on Plan 1
  • 4.3% if you바카라 사이트™re on Plan 4
  • 4.3% if you바카라 사이트™re on Plan 5
  • 7.3% if you바카라 사이트™re on a Postgraduate Loan plan

If you바카라 사이트™re on Plan 2

While you바카라 사이트™re still studying, you바카라 사이트™ll be charged 7.3% interest. The interest rate will change either:

  • on 6 April after you finish or leave your course
  • on 6 April 4 years after the course started, if you바카라 사이트™re studying part-time and your course is longer than 4 years

After this time, you바카라 사이트™ll start being charged interest based on your annual income.

Annual income Interest rate
£28,470 or less 4.3%
£28,471 to £51,245 4.3%, plus up to 3%
£51,245 or more 7.3%

You can find out more about:

If you바카라 사이트™re on more than one plan type

How much you repay depends on which of your plan types has the lowest repayment threshold and whether or not you have a Postgraduate Loan.

If you do not have a Postgraduate Loan

You바카라 사이트™ll repay 9% of your income over the lowest threshold out of the plan types you have. You바카라 사이트™ll only have a single repayment taken each time you get paid, even if you바카라 사이트™re on more than one plan type.

Example

You바카라 사이트™re on Plan 1 and Plan 2 and have an income of £26,400 a year, meaning you get paid £2,200 each month. This is over the Plan 1 threshold of £2,172 but under the Plan 2 threshold of £2,372.

You바카라 사이트™ll repay 9% of your income over £2,172 a month because that is the lowest threshold out of the plan types you have.

Calculation:

£2,200 바카라 사이트“ £2,172 (your income minus the lowest threshold) = £28

9% of £28 = £2.52

This means the amount you바카라 사이트™d repay each month would be £2.

If your income went over the Plan 2 threshold, you바카라 사이트™d still only repay 9% of your income over the Plan 1 threshold. You would not have to make a separate repayment towards your Plan 2 loan.

If you have a Postgraduate Loan

You바카라 사이트™ll repay 6% of your income over the Postgraduate Loan threshold (£21,000 a year) and 9% of your income over the lowest threshold for any other plan types you have.

Example

You have a Postgraduate Loan and a Plan 2 loan and have an income of £28,800 a year, meaning you get paid £2,400 each month. This is over the Postgraduate Loan threshold of £1,750 and the Plan 2 threshold of £2,372.

Calculation:

£2,400 바카라 사이트“ £1,750 (your income minus the Postgraduate Loan threshold) = £650

6% of £650 = £39

£2,400 바카라 사이트“ £2,372 (your income minus the Plan 2 threshold) = £28

9% of £28 = £2.52

This means the amount you바카라 사이트™d repay each month would be £41.

If you have more than one job

You바카라 사이트™ll only make repayments from jobs where you바카라 사이트™re paid over the threshold for your plan type, not your combined income.

Example

You have a Plan 1 loan and you have 2 jobs. Before tax and other deductions, you바카라 사이트™re paid £1,000 a month from one job and £800 a month for the other.

You will not have to make repayments because neither salary is above the £2,172 a month threshold.

Example

You have a Plan 2 loan and you have 2 jobs. Before tax and other deductions, you바카라 사이트™re paid £2,400 a month from one job and £500 a month for the other.

You will only make repayments on the income from the job that pays you £2,400 a month because it바카라 사이트™s above the £2,372 threshold.

If you바카라 사이트™re self-employed

HM Revenue and Customs (HMRC) will work out how much you repay each year from your tax return. Your repayments will be based on your income for the whole year.

If you바카라 사이트™ve already made repayments from a salary, HMRC will deduct them from the amount you have to repay.