Repayment Threshold 2017/18

edited 6 October 2016 at 1:49PM in Student Money Saving
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Ed-1Ed-1 Forumite
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edited 6 October 2016 at 1:49PM in Student Money Saving
With RPI for March in at 1.6%, the repayment threshold (for plan 1 loans) will rise to £17775 from April 2017 (17495x1.016 rounded up). Monthly threshold will be £1481 and weekly threshold will be £341.

The repayment threshold (for plan 2 loans) will remain at £21000.

From 1st September 2016:

Interest rates for plan 1 loans will be 1.25% (as a result of the change in base rate from 0.5% to 0.25% in August. If base rate rises before 1st September 2017 the rate will be capped at 1.6%).

Interest rates for plan 2 loans will range from 1.6% to 4.6% depending on whether you are studying or not and what you earn if you are in repayment.

Interest rates for postgraduate loans will be 4.6%.

Replies

  • edited 11 October 2016 at 1:01PM
    libflibf Forumite
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    edited 11 October 2016 at 1:01PM
    Due to the base rate change the rate from 1st September should be 1.25% for plan 1 loans. :)
  • Ed-1Ed-1 Forumite
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    libf wrote: »
    Due to the base rate change the loan from 1st September should be 1.25% for plan 1 loans. :)

    Indeed. Back in April (seems so long ago now) no-one was expecting base rate to fall further and everyone was predicting when it would rise.
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