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Student loan plan 1&2

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1988char

1988char Posts: 1 Newbie

15 June 2020 at 4:08PM in Loans

Hi,
I'm on plan one of my students loan as I started uni in 2007/08. However, I'm starting my teacher training in September so that would be plan 2. My question is when I start repaying how does it work? As I'll have 2 different plans.

Thanks in advance!

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DrEskimo Posts: 2,443 Forumite

15 June 2020 at 4:41PM

"If you have Plan 1 and Plan 2 loans
You pay back 9% of your income over the Plan 1 threshold (£372 a week or £1,615 a month).
If your income is under the Plan 2 threshold (£511 a week or £2,214 a month), your repayments only go towards your Plan 1 loan.
If your income is over the Plan 2 threshold, your repayments go towards both your loans."

https://www.gov.uk/repaying-your-student-loan/what-you-pay

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