Repayment Threshold 2023/24

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With RPI for March in at 9%, the repayment threshold for plan 1 loans will rise to £22,015 from 6 April 2023 (20,195 x 1.09 rounded up).

The repayment threshold for plan 2 loans is frozen at £27,295 until 6 April 2025.

The postgraduate loan (plan 3) threshold is subject to annual review but in the absence of any announcements will remain at £21,000.

For Scottish students, the repayment threshold for plan 4 loans will rise to £27,660 from 6 April 2023 (25,375 x 1.09 rounded up).

From 1st September 2022:

Interest rates for plan 1 and 4 loans will be 1.75% (as a result of the base rate being 0.75%; if base rate rises before 1st September 2023 the rate will be capped at 9%).

Subject to the prevailing market rate cap (which is highly likely to reduce the rate), interest rates for plan 2 loans will range from 9% to 12% depending on whether you are studying or not (including the period until April after finishing) and what you earn if you are in repayment.

Subject to the prevailing market rate cap (which is highly likely to reduce the rate), interest rates for postgraduate loans will be 12%.

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Stark increase in interest rates from this year to last:

From 1 September 2022:
"Subject to the prevailing market rate cap (which is highly likely to reduce the rate), interest rates for plan 2 loans will range from 9% to 12% depending on whether you are studying or not (including the period until April after finishing) and what you earn if you are in repayment."

From 1 September 2021:
"Interest rates for plan 2 loans will range from 1.5% to 4.5% depending on whether you are studying or not (including the period until April after finishing) and what you earn if you are in repayment."