Already on Plan 2, should I take out an extra Plan 5 loan?

makeni555

Hello All,

I'm trying to work out if I should take out an extra loan which I'm entitled to:

As it stands I have a: Plan 2 loan for entered in to repayments started April 2020 (due to covid etc... have not year earned enough to hit the threshold so paid back £0 so far)

I left uni without completing my degree with one year left. I've gone back to finish it last September and I did not have to pay any tuition to the uni but I have realised I can still access a maintenance loan for the academic year 24/25.

Currently my plan 2 is has 25 years left to run.

If I took out the new plan 5 I think I'd be adding on another 15 years of repayments.

On the face of it though, it looks like the only difference I'll notice is up to £270 extra per year in repayments due to the lower threshold of the plan 5 loan?

Have I got that right and if so, because its not got extra interest added to Plan 5, is it basically £270 per year on £10277 so 38 years to repay it?

Thank you very much