Repaying your student loan

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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檒l repay a percentage of your income over the income 바카라 사이트榯hreshold바카라 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 拢26,065 拢2,172 拢501
Plan 2 拢28,470 拢2,372 拢547
Plan 4 拢32,745 拢2,728 拢629
Plan 5 拢25,000 拢2,083 拢480
Postgraduate Loan 拢21,000 拢1,750 拢403

You바카라 사이트檒l repay either:

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

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

Example

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

Calculation:

拢2,750 바카라 사이트� 拢2,172 (your income minus the Plan 1 threshold) = 拢578聽

9% of 拢578 = 拢52.02

This means the amount you바카라 사이트檇 repay each month would be 拢52.

Example

You바카라 사이트檙e on Plan 4 and have an income of 拢36,000 a year, meaning you get paid 拢3,000 each month.

Calculation:

拢3,000 바카라 사이트� 拢2,728 (your income minus the Plan 4 threshold) = 拢272聽

9% of 拢272 = 拢24.48

This means the amount you바카라 사이트檇 repay each month would be 拢24.

If your income changes during the year

You바카라 사이트檒l make a repayment if your income goes over the weekly or monthly threshold for your plan (for example, if you바카라 사이트檙e 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檙e charged depends on which plan you바카라 사이트檙e on. You바카라 사이트檙e currently charged:

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

If you바카라 사이트檙e on Plan 2

While you바카라 사이트檙e still studying, you바카라 사이트檒l 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檙e studying part-time and your course is longer than 4 years

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

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

You can find out more about:

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

Example

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

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

Calculation:

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

9% of 拢28 = 拢2.52

This means the amount you바카라 사이트檇 repay each month would be 拢2.

If your income went over the Plan 2 threshold, you바카라 사이트檇 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檒l repay 6% of your income over the Postgraduate Loan threshold (拢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 拢28,800 a year, meaning you get paid 拢2,400 each month. This is over the Postgraduate Loan threshold of 拢1,750 and the Plan 2 threshold of 拢2,372.

Calculation:

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

6% of 拢650 = 拢39

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

9% of 拢28 = 拢2.52

This means the amount you바카라 사이트檇 repay each month would be 拢41.

If you have more than one job

You바카라 사이트檒l only make repayments from jobs where you바카라 사이트檙e 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檙e paid 拢1,000 a month from one job and 拢800 a month for the other.

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

Example

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

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

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

View a printable version of the whole guide

Part of Get undergraduate student finance: step by step

  1. Step 1 Check if you're eligible for student finance

    1. If you바카라 사이트檙e from England or outside the UK, check if you're eligible

    There바카라 사이트檚 a different process if:

  2. Step 2 Find out how much loan you could get

    Find out the maximum tuition fee and maintenance loan you could get if you're a:

    How much maintenance loan you get depends on where you'll study and your household income.

    1. Use the student finance calculator to estimate your maintenance loan

    You'll have to pay back any loan you get.

    1. You are currently viewing: Find out how much you'll repay
    2. Find out when you'll start repaying

  3. and Check if you can get extra help

    You might be able to get extra money if you:

    You might also be able to get other financial help, for example from your university or the government.

    1. Find out about extra help

  4. Step 3 Prepare your application

    1. Check when you can apply
    2. Check what ID you'll need
    3. Check if you need to give proof of your household income

  5. Step 4 Apply online

    1. Apply online

    If you're eligible for Tuition Fee Loans, Maintenance Loans, or Maintenance Grants, you can apply online.

    You'll need to create a student finance account if you're a new student or sign into an existing account if you're a returning student.

    It can take up to 6 weeks to process your application. You might have to provide extra evidence.

  6. or Apply by post

    1. Apply by post

    If you바카라 사이트檙e eligible for tuition fee-only funding, you must complete a form and send it by post instead. You cannot apply online.

    You can also apply by post if you're unable to apply online.

    It can take up to 6 weeks to process your application. You might have to provide extra evidence.

  7. Step 5 Update your details if your circumstances change

    You must update your application if your circumstances change. For example if you:

    • change your course through clearing
    • change where you're going to live - for example with your parents instead of halls
    1. Find out how to update your application

  8. Step 6 Make sure you can be paid

    After you register at your university or college you'll usually get your maintenance loan paid directly into your bank account at the start of each term.

    Use your student finance account to:

    • update your bank details - for example if you open a student account
    • check how much you'll be paid
    • check when you'll be paid
    1. Sign in to your student finance account

  9. Step 7 Check what to do while you're studying

    You'll need to reapply for student finance for each year of your course.

    You must keep your details up to date throughout your course because some changes can affect your loan payments, for example if your household income or bank details change.

    1. Check how to update your details
    2. Find out what to do if you suspend or leave your course

  10. Step 8 Check what to do when you stop studying

    When you stop studying the Student Loans Company (SLC) will create a student loans repayment account for you.

    The log in details will be the same as for your student finance account. You should check your contact details are correct.

    1. Sign in to your student loan repayment account

    You must update your employment details if:

    • you leave the UK for more than 3 months
    • SLC asks you to update them
    1. Update your employment details

  11. Step 9 Repay your loan

    The repayment聽plan you're on will determine when you start repaying and how much you repay.

    1. Check which repayment plan you바카라 사이트檙e on
    2. You are currently viewing: Find out how much you'll repay
    3. Find out when you'll start repaying
    4. Find out how to repay