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Having a plan 2 loan and then starting a PGCE
Lightning360
Posts: 399 Forumite
I started university in 2020, so was on a plan 2 loan. I am starting a PGCE in September. As far as I'm aware, I will therefore be on a plan 5 loan.
Does this mean when I start to repay it, I will have to pay back both loans separately at the same time, so my total yearly contributions to both will end up being around £1500 if I earn around £35000?
Is this correct or am I making this up? I can't find anything about it on any SFE website.
Does this mean when I start to repay it, I will have to pay back both loans separately at the same time, so my total yearly contributions to both will end up being around £1500 if I earn around £35000?
Is this correct or am I making this up? I can't find anything about it on any SFE website.
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Comments
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A pgce counts as being an undergraduate as far as student loans are concerned. You will pay back 9% of everything above the lower of the plan 2 and plan 5 thresholds. The amount between the 2 thresholds goes towards the lower threshold loan and the amount above the higher threshold goes towards the loan with the higher threshold.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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So I'll be on the plan 5 threshold, with the money being split between the two plans. Once the plan 5 loan is paid off, the threshold will go to the plan 2 threshold? (I'm aware this isn't set in stone, unfortunately, and can change in the future). Better than what I thought thankfully.silvercar said:A pgce counts as being an undergraduate as far as student loans are concerned. You will pay back 9% of everything above the lower of the plan 2 and plan 5 thresholds. The amount between the 2 thresholds goes towards the lower threshold loan and the amount above the higher threshold goes towards the loan with the higher threshold.
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Correct. Though you won’t make payments on plan 5 loans until April 2026.Lightning360 said:
So I'll be on the plan 5 threshold, with the money being split between the two plans. Once the plan 5 loan is paid off, the threshold will go to the plan 2 threshold? (I'm aware this isn't set in stone, unfortunately, and can change in the future). Better than what I thought thankfully.silvercar said:A pgce counts as being an undergraduate as far as student loans are concerned. You will pay back 9% of everything above the lower of the plan 2 and plan 5 thresholds. The amount between the 2 thresholds goes towards the lower threshold loan and the amount above the higher threshold goes towards the loan with the higher threshold.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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