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</div> </div> </div> </div> </form> </div> </div> </div> </div> </nav> </div> </header> <div class=""> <div class="gem-c-layout-for-public__blue-bar govuk-width-container"></div> </div> <div id="wrapper" class="direction-ltr govuk-width-container"> <div class="gem-c-contextual-breadcrumbs"> <div data-module="ga4-link-tracker" class="gem-c-step-nav-header" title="Get undergraduate student finance: step by step"> <strong class="gem-c-step-nav-header__part-of">Part of</strong> <a href="/get-undergraduate-student-loan" class="gem-c-step-nav-header__title govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","type":"super breadcrumb","index_link":"1","index_total":"1"}'> Get undergraduate student finance: step by step </a> </div> </div> <main role="main" id="content" class="guide" lang="en"> <span id="Top"></span> <div class="govuk-grid-row gem-print-columns-none"> <div class="govuk-grid-column-two-thirds"> <div class="gem-c-title govuk-!-margin-bottom-8"> <h1 class="gem-c-title__text govuk-heading-xl"> Repaying your student loan </h1> </div> <a data-module="govuk-skip-link" class="gem-c-skip-link govuk-skip-link govuk-!-display-none-print" href="#guide-contents">Skip contents</a> <aside class="part-navigation-container" role="complementary"> <nav data-module="ga4-link-tracker" aria-label="Pages in this guide" class="gem-c-contents-list govuk-!-margin-bottom-4"> <h2 class="gem-c-contents-list__title"> Contents </h2> <ol class="gem-c-contents-list__list"> <li class="gem-c-contents-list__list-item gem-c-contents-list__list-item--dashed"> <span class="gem-c-contents-list__list-item-dash" aria-hidden="true"></span> <a class="gem-c-contents-list__link govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","section":"Contents","type":"contents list","index_total":9,"index_link":1}' href="/repaying-your-student-loan">Overview</a> </li> <li class="gem-c-contents-list__list-item gem-c-contents-list__list-item--dashed"> <span class="gem-c-contents-list__list-item-dash" aria-hidden="true"></span> <a class="gem-c-contents-list__link govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","section":"Contents","type":"contents list","index_total":9,"index_link":2}' href="/repaying-your-student-loan/which-repayment-plan-you-are-on">Which repayment plan you're on</a> </li> <li class="gem-c-contents-list__list-item gem-c-contents-list__list-item--dashed"> <span class="gem-c-contents-list__list-item-dash" aria-hidden="true"></span> <a class="gem-c-contents-list__link govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","section":"Contents","type":"contents list","index_total":9,"index_link":3}' href="/repaying-your-student-loan/when-you-start-repaying">When you start repaying</a> </li> <li class="gem-c-contents-list__list-item gem-c-contents-list__list-item--dashed gem-c-contents-list__list-item--active" aria-current="true"> <span class="gem-c-contents-list__list-item-dash" aria-hidden="true"></span> How much you repay </li> <li class="gem-c-contents-list__list-item gem-c-contents-list__list-item--dashed"> <span class="gem-c-contents-list__list-item-dash" aria-hidden="true"></span> <a class="gem-c-contents-list__link govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","section":"Contents","type":"contents list","index_total":9,"index_link":5}' href="/repaying-your-student-loan/how-you-repay">How to repay</a> </li> <li class="gem-c-contents-list__list-item gem-c-contents-list__list-item--dashed"> <span class="gem-c-contents-list__list-item-dash" aria-hidden="true"></span> <a class="gem-c-contents-list__link govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","section":"Contents","type":"contents list","index_total":9,"index_link":6}' href="/repaying-your-student-loan/make-extra-repayments">Make extra repayments</a> </li> <li class="gem-c-contents-list__list-item gem-c-contents-list__list-item--dashed"> <span class="gem-c-contents-list__list-item-dash" aria-hidden="true"></span> <a class="gem-c-contents-list__link govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","section":"Contents","type":"contents list","index_total":9,"index_link":7}' href="/repaying-your-student-loan/getting-a-refund">Getting a refund</a> </li> <li class="gem-c-contents-list__list-item gem-c-contents-list__list-item--dashed"> <span class="gem-c-contents-list__list-item-dash" aria-hidden="true"></span> <a class="gem-c-contents-list__link govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","section":"Contents","type":"contents list","index_total":9,"index_link":8}' href="/repaying-your-student-loan/when-your-student-loan-gets-written-off-or-cancelled">When your student loan gets written off or cancelled</a> </li> <li class="gem-c-contents-list__list-item gem-c-contents-list__list-item--dashed"> <span class="gem-c-contents-list__list-item-dash" aria-hidden="true"></span> <a class="gem-c-contents-list__link govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","section":"Contents","type":"contents list","index_total":9,"index_link":9}' href="/repaying-your-student-loan/update-your-employment-details">Update your employment details</a> </li> </ol> </nav> </aside> </div> <div class="govuk-grid-column-two-thirds govuk-!-margin-top-6" id="guide-contents"> <div class="gem-c-heading govuk-!-margin-bottom-6"> <h1 class="gem-c-heading__text govuk-heading-l"> How much you repay </h1> </div> <div data-module="govspeak" class="gem-c-govspeak govuk-govspeak gem-c-govspeak--direction-ltr js-disable-youtube govuk-!-margin-bottom-0"> <p>How much you repay depends on your income - the amount you earn (including things like bonuses and overtime) before tax and other deductions.</p> <p>You’ll repay a percentage of your income over the income ‘threshold’ for your type of loan, depending on how often you get paid.</p> <p>The income thresholds are different for each plan type.</p> <table> <thead> <tr> <th scope="col">Plan type</th> <th scope="col">Yearly income threshold</th> <th scope="col">Monthly income threshold</th> <th scope="col">Weekly income threshold</th> </tr> </thead> <tbody> <tr> <td>Plan 1</td> <td>£24,990</td> <td>£2,082</td> <td>£480</td> </tr> <tr> <td>Plan 2</td> <td>£27,295</td> <td>£2,274</td> <td>£524</td> </tr> <tr> <td>Plan 4</td> <td>£31,395</td> <td>£2,616</td> <td>£603</td> </tr> <tr> <td>Plan 5</td> <td>£25,000</td> <td>£2,083</td> <td>£480</td> </tr> <tr> <td>Postgraduate Loan</td> <td>£21,000</td> <td>£1,750</td> <td>£403</td> </tr> </tbody> </table> <p>You’ll repay either:</p> <ul> <li>9% of your income over the threshold if you’re on Plan 1, 2, 4 or 5</li> <li>6% of your income over the threshold if you’re on a Postgraduate Loan plan</li> </ul> <p>The examples show how much you’d repay depending on your income and plan type:</p> <div class="example"> <p>Example</p> <p>You’re on Plan 1 and have an income of £33,000 a year, meaning you get paid £2,750 each month.</p> <p>Calculation:</p> <p>£2,750 – £2,082 (your income minus the Plan 1 threshold) = £668 </p> <p>9% of £668 = £60.12</p> <p>This means the amount you’d repay each month would be £60.</p> </div> <div class="example"> <p>Example</p> <p>You’re on Plan 4 and have an income of £36,000 a year, meaning you get paid £3,000 each month.</p> <p>Calculation:</p> <p>£3,000 – £2,616 (your income minus the Plan 4 threshold) = £384 </p> <p>9% of £384 = £34.56</p> <p>This means the amount you’d repay each month would be £34.</p> </div> <h2 id="if-your-income-changes-during-the-year">If your income changes during the year</h2> <p>You’ll make a repayment if your income goes over the weekly or monthly threshold for your plan (for example, if you’re paid a bonus or overtime). You can <a href="/repaying-your-student-loan/getting-a-refund">ask for a refund</a> at the end of the tax year if your annual income is less than the yearly threshold for your plan.</p> <h2 id="interest">Interest</h2> <p>How much interest you’re charged depends on which plan you’re on. You’re currently charged:</p> <ul> <li>4.3% if you’re on Plan 1</li> <li>4.3% if you’re on Plan 4</li> <li>4.3% if you’re on Plan 5</li> <li>7.3% if you’re on a Postgraduate Loan plan</li> </ul> <h3 id="if-youre-on-plan-2">If you’re on Plan 2</h3> <p>While you’re still studying, you’ll be charged 7.3% interest. The interest rate will change either:</p> <ul> <li>on 6 April after you finish or leave your course</li> <li>on 6 April 4 years after the course started, if you’re studying part-time and your course is longer than 4 years</li> </ul> <p>After this time, you’ll start being charged interest based on your annual income.</p> <table> <thead> <tr> <th scope="col">Annual income</th> <th scope="col">Interest rate</th> </tr> </thead> <tbody> <tr> <td>£27,295 or less</td> <td>4.3%</td> </tr> <tr> <td>£27,296 to £49,130</td> <td>4.3%, plus up to 3%</td> </tr> <tr> <td>£49,130 or more</td> <td>7.3%</td> </tr> </tbody> </table> <p>You can find out more about:</p> <ul> <li><a href="/guidance/how-interest-is-calculated-plan-1">how Plan 1 interest is calculated and interest rates for previous years</a></li> <li><a href="/guidance/how-interest-is-calculated-plan-2">how Plan 2 interest is calculated and interest rates for previous years</a></li> <li><a href="/guidance/how-interest-is-calculated-plan-4">how Plan 4 interest is calculated and interest rates for previous years</a></li> <li><a href="/guidance/how-interest-is-calculated-plan-5">how Plan 5 interest is calculated and interest rates for previous years</a></li> <li><a href="/guidance/how-interest-is-calculated-postgraduate-loan">how Postgraduate Loan interest is calculated and interest rates for previous years</a></li> </ul> <h2 id="if-youre-on-more-than-one-plan-type">If you’re on more than one plan type</h2> <p>How much you repay depends on which of your plan types has the lowest repayment threshold and whether or not you have a Postgraduate Loan.</p> <h3 id="if-you-do-not-have-a-postgraduate-loan">If you do not have a Postgraduate Loan</h3> <p>You’ll repay 9% of your income over the lowest threshold out of the plan types you have. You’ll only have a single repayment taken each time you get paid, even if you’re on more than one plan type.</p> <div class="example"> <p>Example</p> <p>You’re on Plan 1 and Plan 2 and have an income of £26,400 a year, meaning you get paid £2,200 each month. This is over the Plan 1 threshold of £2,082 but under the Plan 2 threshold of £2,274.</p> <p>You’ll repay 9% of your income over £2,082 a month because that is the lowest threshold out of the plan types you have.</p> <p>Calculation:</p> <p>£2,200 – £2,082 (your income minus the lowest threshold) = £118 </p> <p>9% of £118 = £10.62</p> <p>This means the amount you’d repay each month would be £10.</p> <p>If your income went over the Plan 2 threshold, you’d still only repay 9% of your income over the Plan 1 threshold. You would not have to make a separate repayment towards your Plan 2 loan.</p> </div> <h3 id="if-you-have-a-postgraduate-loan">If you have a Postgraduate Loan</h3> <p>You’ll repay 6% of your income over the Postgraduate Loan threshold (£21,000 a year) and 9% of your income over the lowest threshold for any other plan types you have.</p> <div class="example"> <p>Example</p> <p>You have a Postgraduate Loan and a Plan 2 loan and have an income of £28,800 a year, meaning you get paid £2,400 each month. This is over the Postgraduate Loan threshold of £1,750 and the Plan 2 threshold of £2,274.</p> <p>Calculation:</p> <p>£2,400 – £1,750 (your income minus the Postgraduate Loan threshold) = £650 <br> 6% of £650 = £39</p> <p>£2,400 – £2,274 (your income minus the Plan 2 threshold) = £126 <br> 9% of £126 = £11</p> <p>This means the amount you’d repay each month would be £50.</p> </div> <h2 id="if-you-have-more-than-one-job">If you have more than one job</h2> <p>You’ll only make repayments from jobs where you’re paid over the threshold for your plan type, not your combined income.</p> <div class="example"> <p>Example</p> <p>You have a Plan 1 loan and you have 2 jobs. Before tax and other deductions, you’re paid £1,000 a month from one job and £800 a month for the other.</p> <p>You will not have to make repayments because neither salary is above the £2,082 a month threshold.</p> </div> <div class="example"> <p>Example</p> <p>You have a Plan 2 loan and you have 2 jobs. Before tax and other deductions, you’re paid £2,300 a month from one job and £500 a month for the other.</p> <p>You will only make repayments on the income from the job that pays you £2,300 a month because it’s above the £2,274 threshold.</p> </div> <h2 id="if-youre-self-employed">If you’re self-employed</h2> <p>HM Revenue and Customs (<abbr title="HM Revenue and Customs">HMRC</abbr>) will work out how much you repay each year from your tax return. Your repayments will be based on your income for the whole year.</p> <p>If you’ve already made repayments from a salary, <abbr title="HM Revenue and Customs">HMRC</abbr> will deduct them from the amount you have to repay.</p> </div> <nav data-module="ga4-link-tracker" aria-label="Pagination" class="govuk-pagination govuk-pagination--block"> <div class="govuk-pagination__prev"> <a class="govuk-link govuk-pagination__link" href="/repaying-your-student-loan/when-you-start-repaying" rel="prev" data-ga4-link='{"event_name":"navigation","type":"previous and next","text":"When you start repaying","section":"Previous"}'> <svg class="govuk-pagination__icon govuk-pagination__icon--prev" xmlns="http://www.w3.org/2000/svg" height="13" width="15" aria-hidden="true" focusable="false" viewbox="0 0 15 13"> <path d="m6.5938-0.0078125-6.7266 6.7266 6.7441 6.4062 1.377-1.449-4.1856-3.9768h12.896v-2h-12.984l4.2931-4.293-1.414-1.414z"></path> </svg> <span 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href="/repaying-your-student-loan/print" class="govuk-link govuk-link--no-visited-state govuk-body" data-module="ga4-link-tracker" data-ga4-link='{"event_name":"navigation","type":"print page","section":"Footer","text":"View a printable version of the whole guide"}'> View a printable version of the whole guide </a> </div> </div> <div class="govuk-grid-column-one-third"> <div class="gem-c-contextual-sidebar govuk-!-display-none-print"> <div data-module="ga4-link-tracker" class="gem-c-step-nav-related gem-c-step-nav-related--singular"> <h2 class="gem-c-step-nav-related__heading"> <span class="gem-c-step-nav-related__pretitle">Part of</span> <a href="/get-undergraduate-student-loan" class="govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","type":"part of","index_link":"1","index_total":"1","section":"Part of"}'> Get undergraduate student finance: step by step </a> </h2> </div> <div data-module="gemstepnav ga4-event-tracker" data-show-text="Show" data-hide-text="Hide" data-show-all-text="Show all steps" data-hide-all-text="Hide all steps" data-ga4-expandable="" data-id="18045f76-ac04-41b7-b147-5687d8fbb64a" class="gem-c-step-nav js-hidden govuk-!-display-none-print" title="Get undergraduate student finance: step by step"> <ol class="gem-c-step-nav__steps"> <li class="gem-c-step-nav__step js-step " id="check-if-you-re-eligible" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="1"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--number"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> <span class="gem-c-step-nav__circle-step-label govuk-!-display-none-print visuallyhidden">Step</span> 1<span class="gem-c-step-nav__circle-step-colon govuk-!-display-none-print visuallyhidden" aria-hidden="true">:</span> </span> </span> </span> <span class="js-step-title"> Check if you're eligible </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-check-if-you-re-eligible-1" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link="{"event_name":"navigation","type":"step by step","index_section":1,"index_section_count":11,"section":"Check if you're eligible"}"> <ol class="gem-c-step-nav__list " data-length="1"><li class="gem-c-step-nav__list-item js-list-item "><a data-position="1.1" class="gem-c-step-nav__link js-link" href="/student-finance/who-qualifies?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Check if you're eligible for student finance </a></li></ol> <p class="gem-c-step-nav__paragraph">There’s a different process if you’re a student from:</p> <ul class="gem-c-step-nav__list gem-c-step-nav__list--choice" data-length="6"> <li class="gem-c-step-nav__list-item js-list-item "><a rel="external" data-position="1.2" class="gem-c-step-nav__link js-link" href="http://www.saas.gov.uk/">Scotland </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a rel="external" data-position="1.3" class="gem-c-step-nav__link js-link" href="http://www.studentfinancewales.co.uk/">Wales </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a rel="external" data-position="1.4" class="gem-c-step-nav__link js-link" href="http://www.studentfinanceni.co.uk/">Northern Ireland </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a rel="external" data-position="1.5" class="gem-c-step-nav__link js-link" href="http://www.gov.je/Working/Careers/16To19YearOlds/EnteringHigherEducation/FinancingHigherEducationCourses/FundingDegreeProfessionalQualifications/Pages/index.aspx">Jersey </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a rel="external" data-position="1.6" class="gem-c-step-nav__link js-link" href="http://www.education.gg/article/2127/Funding-for-University)">Guernsey </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a rel="external" data-position="1.7" class="gem-c-step-nav__link js-link" href="https://www.gov.im/student-grants">Isle of Man </a></li> </ul> </div> </li> <li class="gem-c-step-nav__step js-step " id="find-out-how-much-loan-you-could-get" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="2"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--number"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> <span class="gem-c-step-nav__circle-step-label govuk-!-display-none-print visuallyhidden">Step</span> 2<span class="gem-c-step-nav__circle-step-colon govuk-!-display-none-print visuallyhidden" aria-hidden="true">:</span> </span> </span> </span> <span class="js-step-title"> Find out how much loan you could get </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-find-out-how-much-loan-you-could-get-2" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":2,"index_section_count":11,"section":"Find out how much loan you could get"}'> <p class="gem-c-step-nav__paragraph">Find out the maximum tuition fee and maintenance loan you could get if you're a:</p> <ul class="gem-c-step-nav__list gem-c-step-nav__list--choice" data-length="4"> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="2.1" class="gem-c-step-nav__link js-link" href="/student-finance/new-fulltime-students?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">new full-time student </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="2.2" class="gem-c-step-nav__link js-link" href="/student-finance/continuing-fulltime-students?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">continuing full-time student </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="2.3" class="gem-c-step-nav__link js-link" href="/student-finance/parttime-students?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">part-time student </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="2.4" class="gem-c-step-nav__link js-link" href="/student-finance-for-existing-students?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">student who started before 1 August 2016 </a></li> </ul> <p class="gem-c-step-nav__paragraph">How much maintenance loan you get depends on where you'll study and your household income.</p> <ol class="gem-c-step-nav__list " data-length="1"><li class="gem-c-step-nav__list-item js-list-item "><a data-position="2.5" class="gem-c-step-nav__link js-link" href="/student-finance-calculator?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Use the student finance calculator to estimate your maintenance loan </a></li></ol> <p class="gem-c-step-nav__paragraph">You'll have to pay back any loan you get.</p> <ol class="gem-c-step-nav__list " data-length="2"> <li class="gem-c-step-nav__list-item js-list-item gem-c-step-nav__list-item--active"><a data-position="2.6" class="gem-c-step-nav__link js-link" href="#content"><span class="gem-c-step-nav__link-active-context visuallyhidden">You are currently viewing: </span>Find out how much you'll repay </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="2.7" class="gem-c-step-nav__link js-link" href="/repaying-your-student-loan/when-you-start-repaying?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Find out when you'll start repaying </a></li> </ol> </div> </li> <li class="gem-c-step-nav__step js-step " id="check-if-you-can-get-extra-help" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="3"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--logic"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> and </span> </span> </span> <span class="js-step-title"> Check if you can get extra help </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-check-if-you-can-get-extra-help-3" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":3,"index_section_count":11,"section":"Check if you can get extra help"}'> <p class="gem-c-step-nav__paragraph">You might be able to get extra money if you:</p> <ul class="gem-c-step-nav__list gem-c-step-nav__list--choice" data-length="5"> <li class="gem-c-step-nav__list-item js-list-item "><a rel="external" data-position="3.1" class="gem-c-step-nav__link js-link" href="https://www.standalone.org.uk/guides/student-guide/">are under 25, have no contact with your parents and support yourself </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="3.2" class="gem-c-step-nav__link js-link" href="/childcare-grant?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">pay for childcare </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="3.3" class="gem-c-step-nav__link js-link" href="/parents-learning-allowance?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">are a full-time student with children </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="3.4" class="gem-c-step-nav__link js-link" href="/adult-dependants-grant?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">have an adult who depends on you financially </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="3.5" class="gem-c-step-nav__link js-link" href="/disabled-students-allowances-dsas?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">have a disability, mental or physical health problem or learning difficulty like dyslexia </a></li> </ul> <p class="gem-c-step-nav__paragraph">You might also be able to get other financial help, for example from your university or the government.</p> <ol class="gem-c-step-nav__list " data-length="1"><li class="gem-c-step-nav__list-item js-list-item "><a data-position="3.6" class="gem-c-step-nav__link js-link" href="/student-finance/extra-help?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Find out about extra help </a></li></ol> </div> </li> <li class="gem-c-step-nav__step js-step " id="prepare-your-application" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="4"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--number"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> <span class="gem-c-step-nav__circle-step-label govuk-!-display-none-print visuallyhidden">Step</span> 3<span class="gem-c-step-nav__circle-step-colon govuk-!-display-none-print visuallyhidden" aria-hidden="true">:</span> </span> </span> </span> <span class="js-step-title"> Prepare your application </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-prepare-your-application-4" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":4,"index_section_count":11,"section":"Prepare your application"}'> <ol class="gem-c-step-nav__list " data-length="3"> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="4.1" class="gem-c-step-nav__link js-link" href="/apply-for-student-finance/when?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Check when you can apply </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="4.2" class="gem-c-step-nav__link js-link" href="/apply-for-student-finance/proof-of-identity?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Check what ID you'll need </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="4.3" class="gem-c-step-nav__link js-link" href="/apply-for-student-finance/household-income?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Check if you need to give proof of your household income </a></li> </ol> </div> </li> <li class="gem-c-step-nav__step js-step " id="apply-online" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="5"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--number"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> <span class="gem-c-step-nav__circle-step-label govuk-!-display-none-print visuallyhidden">Step</span> 4<span class="gem-c-step-nav__circle-step-colon govuk-!-display-none-print visuallyhidden" aria-hidden="true">:</span> </span> </span> </span> <span class="js-step-title"> Apply online </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-apply-online-5" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":5,"index_section_count":11,"section":"Apply online"}'> <ol class="gem-c-step-nav__list " data-length="1"><li class="gem-c-step-nav__list-item js-list-item "><a data-position="5.1" class="gem-c-step-nav__link js-link" href="/apply-online-for-student-finance?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Apply online </a></li></ol> <p class="gem-c-step-nav__paragraph">If you're eligible for Tuition Fee Loans, Maintenance Loans, or Maintenance Grants, you can apply online.</p> <p class="gem-c-step-nav__paragraph">You'll need to create a student finance account if you're a new student or sign into an existing account if you're a returning student. </p> <p class="gem-c-step-nav__paragraph">It can take up to 6 weeks to process your application. You might have to provide extra evidence.</p> </div> </li> <li class="gem-c-step-nav__step js-step " id="apply-by-post" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="6"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--logic"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> or </span> </span> </span> <span class="js-step-title"> Apply by post </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-apply-by-post-6" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":6,"index_section_count":11,"section":"Apply by post"}'> <ol class="gem-c-step-nav__list " data-length="1"><li class="gem-c-step-nav__list-item js-list-item "><a data-position="6.1" class="gem-c-step-nav__link js-link" href="/student-finance-forms?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Apply by post </a></li></ol> <p class="gem-c-step-nav__paragraph">If you’re eligible for tuition fee-only funding, you must complete a form and send it by post instead. You cannot apply online.</p> <p class="gem-c-step-nav__paragraph">You can also apply by post if you're unable to apply online. </p> <p class="gem-c-step-nav__paragraph">It can take up to 6 weeks to process your application. You might have to provide extra evidence.</p> </div> </li> <li class="gem-c-step-nav__step js-step " id="update-your-details-if-your-circumstances-change" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="7"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--number"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> <span class="gem-c-step-nav__circle-step-label govuk-!-display-none-print visuallyhidden">Step</span> 5<span class="gem-c-step-nav__circle-step-colon govuk-!-display-none-print visuallyhidden" aria-hidden="true">:</span> </span> </span> </span> <span class="js-step-title"> Update your details if your circumstances change </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-update-your-details-if-your-circumstances-change-7" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":7,"index_section_count":11,"section":"Update your details if your circumstances change"}'> <p class="gem-c-step-nav__paragraph">You must update your application if your circumstances change. For example if you:</p> <ul class="gem-c-step-nav__list gem-c-step-nav__list--choice" data-length="2"> <li class="gem-c-step-nav__list-item js-list-item ">change your course through clearing</li> <li class="gem-c-step-nav__list-item js-list-item ">change where you're going to live - for example with your parents instead of halls</li> </ul> <ol class="gem-c-step-nav__list " data-length="1"><li class="gem-c-step-nav__list-item js-list-item "><a data-position="7.3" class="gem-c-step-nav__link js-link" href="/apply-for-student-finance/change-an-application?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Find out how to update your application </a></li></ol> </div> </li> <li class="gem-c-step-nav__step js-step " id="make-sure-you-can-be-paid" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="8"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--number"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> <span class="gem-c-step-nav__circle-step-label govuk-!-display-none-print visuallyhidden">Step</span> 6<span class="gem-c-step-nav__circle-step-colon govuk-!-display-none-print visuallyhidden" aria-hidden="true">:</span> </span> </span> </span> <span class="js-step-title"> Make sure you can be paid </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-make-sure-you-can-be-paid-8" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":8,"index_section_count":11,"section":"Make sure you can be paid"}'> <p class="gem-c-step-nav__paragraph">After you register at your university or college you'll usually get your maintenance loan paid directly into your bank account at the start of each term. </p> <p class="gem-c-step-nav__paragraph">Use your student finance account to:</p> <ul class="gem-c-step-nav__list gem-c-step-nav__list--choice" data-length="3"> <li class="gem-c-step-nav__list-item js-list-item ">update your bank details - for example if you open a student account</li> <li class="gem-c-step-nav__list-item js-list-item ">check how much you'll be paid</li> <li class="gem-c-step-nav__list-item js-list-item ">check when you'll be paid</li> </ul> <ol class="gem-c-step-nav__list " data-length="1"><li class="gem-c-step-nav__list-item js-list-item "><a data-position="8.4" class="gem-c-step-nav__link js-link" href="/student-finance-register-login?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Sign in to your student finance account </a></li></ol> </div> </li> <li class="gem-c-step-nav__step js-step " id="check-what-to-do-while-you-re-studying" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="9"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--number"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> <span class="gem-c-step-nav__circle-step-label govuk-!-display-none-print visuallyhidden">Step</span> 7<span class="gem-c-step-nav__circle-step-colon govuk-!-display-none-print visuallyhidden" aria-hidden="true">:</span> </span> </span> </span> <span class="js-step-title"> Check what to do while you're studying </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-check-what-to-do-while-you-re-studying-9" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link="{"event_name":"navigation","type":"step by step","index_section":9,"index_section_count":11,"section":"Check what to do while you're studying"}"> <p class="gem-c-step-nav__paragraph">You'll need to reapply for student finance for each year of your course. </p> <p class="gem-c-step-nav__paragraph">You must keep your details up to date throughout your course because some changes can affect your loan payments, for example if your household income or bank details change.</p> <ol class="gem-c-step-nav__list " data-length="2"> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="9.1" class="gem-c-step-nav__link js-link" href="/apply-for-student-finance/change-an-application?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Check how to update your details </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="9.2" class="gem-c-step-nav__link js-link" href="/student-finance-if-you-suspend-or-leave?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Find out what to do if you suspend or leave your course </a></li> </ol> </div> </li> <li class="gem-c-step-nav__step js-step " id="check-what-to-do-when-you-stop-studying" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="10"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--number"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> <span class="gem-c-step-nav__circle-step-label govuk-!-display-none-print visuallyhidden">Step</span> 8<span class="gem-c-step-nav__circle-step-colon govuk-!-display-none-print visuallyhidden" aria-hidden="true">:</span> </span> </span> </span> <span class="js-step-title"> Check what to do when you stop studying </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-check-what-to-do-when-you-stop-studying-10" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":10,"index_section_count":11,"section":"Check what to do when you stop studying"}'> <p class="gem-c-step-nav__paragraph">When you stop studying the Student Loans Company (SLC) will create a student loans repayment account for you.</p> <p class="gem-c-step-nav__paragraph">The log in details will be the same as for your student finance account. You should check your contact details are correct.</p> <ol class="gem-c-step-nav__list " data-length="1"><li class="gem-c-step-nav__list-item js-list-item "><a data-position="10.1" class="gem-c-step-nav__link js-link" href="/sign-in-to-manage-your-student-loan-balance?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Sign in to your student loan repayment account </a></li></ol> <p class="gem-c-step-nav__paragraph">You must update your employment details if:</p> <ul class="gem-c-step-nav__list gem-c-step-nav__list--choice" data-length="2"> <li class="gem-c-step-nav__list-item js-list-item ">you leave the UK for more than 3 months</li> <li class="gem-c-step-nav__list-item js-list-item ">SLC asks you to update them</li> </ul> <ol class="gem-c-step-nav__list " data-length="1"><li class="gem-c-step-nav__list-item js-list-item "><a data-position="10.4" class="gem-c-step-nav__link js-link" href="/repaying-your-student-loan/update-your-employment-details?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Update your employment details </a></li></ol> </div> </li> <li class="gem-c-step-nav__step js-step gem-c-step-nav__step--active" aria-current="step" data-show id="repay-your-loan" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="11"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--number"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> <span class="gem-c-step-nav__circle-step-label govuk-!-display-none-print visuallyhidden">Step</span> 9<span class="gem-c-step-nav__circle-step-colon govuk-!-display-none-print visuallyhidden" aria-hidden="true">:</span> </span> </span> </span> <span class="js-step-title"> Repay your loan </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-repay-your-loan-11" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":11,"index_section_count":11,"section":"Repay your loan"}'> <p class="gem-c-step-nav__paragraph">The repayment plan you're on will determine when you start repaying and how much you repay.</p> <ol class="gem-c-step-nav__list " data-length="4"> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="11.1" class="gem-c-step-nav__link js-link" href="/repaying-your-student-loan/which-repayment-plan-you-are-on?step-by-step-nav=18045f76-ac04-41b7-b147-5687d8fbb64a">Check which repayment plan you’re on </a></li> <li class="gem-c-step-nav__list-item js-list-item gem-c-step-nav__list-item--active"><a data-position="11.2" class="gem-c-step-nav__link js-link" href="#content"><span class="gem-c-step-nav__link-active-context visuallyhidden">You are currently viewing: </span>Find out how much you'll repay </a></li> <li 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src="/assets/static/application-b99c730a51dedb2a3e3315cc0bc81947c2cb065952ff296bc3747c84d92c217c.js" type="module"></script> <script src="/assets/government-frontend/application-a5f137ecbb7d8dc1b5470d4f66e3ec63680098e906fcf1d213801ff0d72b94ab.js" type="module"></script><script type="application/ld+json"> { "@context": "http://schema.org", "@type": "Article", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://www.gov.uk/repaying-your-student-loan/what-you-pay" }, "name": "Repaying your student loan", "datePublished": "2014-12-17T12:01:09+00:00", "dateModified": "2024-10-18T13:50:42+01:00", "text": "When you start repaying your student loan, your monthly repayments, what to do if you have 2 jobs or are self-employed, how to get a refund if you've overpaid. ", "publisher": { "@type": "Organization", "name": "GOV.UK", "url": "https://www.gov.uk", "logo": { "@type": "ImageObject", "url": "https://www.gov.uk/assets/government-frontend/govuk_publishing_components/govuk-logo-b15a4d254746d1642b8187217576d1e8fe50b51352d352fda13eee55d3c1c80a.png" } }, "image": [ "https://www.gov.uk/assets/government-frontend/govuk_publishing_components/govuk-schema-placeholder-1x1-c3d38c0d4fc00005df38a71e1db7097276681d6917bca58f0dc8336a252e1bb3.png", "https://www.gov.uk/assets/government-frontend/govuk_publishing_components/govuk-schema-placeholder-4x3-edc38c137a14ecfc3fc83f404090e20dab806dad345c96a1df6a163ee2d1e3aa.png", "https://www.gov.uk/assets/government-frontend/govuk_publishing_components/govuk-schema-placeholder-16x9-5dc2d0ea1eb72cd94e66db210ef41b22ce364e7ed09d63a3acc28fda09e27864.png" ], "author": { "@type": "Organization", "name": "Government Digital Service", "url": "https://www.gov.uk/government/organisations/government-digital-service" }, "isPartOf": [ { "@context": "http://schema.org", "@type": "CreativeWork", "sameAs": "https://www.gov.uk/government/collections/income-tax-detailed-information" } ], "about": [ { "@context": "http://schema.org", "@type": "Thing", "sameAs": "https://www.gov.uk/education/student-loans-bursaries-and-sponsorship" }, { "@context": "http://schema.org", "@type": "Thing", "sameAs": "https://www.gov.uk/money/self-assessment" }, { "@context": "http://schema.org", "@type": "Thing", "sameAs": "https://www.gov.uk/money/personal-tax-income-tax-student-jobs-and-loans" }, { "@context": "http://schema.org", "@type": "Thing", "sameAs": "https://www.gov.uk/money/income-tax" } ], "headLine": "Repaying your student loan", "description": "When you start repaying your student loan, your monthly repayments, what to do if you have 2 jobs or are self-employed, how to get a refund if you've overpaid. ", "articleBody": "\u003cp\u003eHow much you repay depends on your income - the amount you earn (including things like bonuses and overtime) before tax and other deductions.\u003c/p\u003e\n\n\u003cp\u003eYou’ll repay a percentage of your income over the income ‘threshold’ for your type of loan, depending on how often you get paid.\u003c/p\u003e\n\n\u003cp\u003eThe income thresholds are different for each plan type.\u003c/p\u003e\n\n\u003ctable\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth scope=\"col\"\u003ePlan type\u003c/th\u003e\n \u003cth scope=\"col\"\u003eYearly income threshold\u003c/th\u003e\n \u003cth scope=\"col\"\u003eMonthly income threshold\u003c/th\u003e\n \u003cth scope=\"col\"\u003eWeekly income threshold\u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd\u003ePlan 1\u003c/td\u003e\n \u003ctd\u003e£24,990\u003c/td\u003e\n \u003ctd\u003e£2,082\u003c/td\u003e\n \u003ctd\u003e£480\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003ePlan 2\u003c/td\u003e\n \u003ctd\u003e£27,295\u003c/td\u003e\n \u003ctd\u003e£2,274\u003c/td\u003e\n \u003ctd\u003e£524\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003ePlan 4\u003c/td\u003e\n \u003ctd\u003e£31,395\u003c/td\u003e\n \u003ctd\u003e£2,616\u003c/td\u003e\n \u003ctd\u003e£603\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003ePlan 5\u003c/td\u003e\n \u003ctd\u003e£25,000\u003c/td\u003e\n \u003ctd\u003e£2,083\u003c/td\u003e\n \u003ctd\u003e£480\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003ePostgraduate Loan\u003c/td\u003e\n \u003ctd\u003e£21,000\u003c/td\u003e\n \u003ctd\u003e£1,750\u003c/td\u003e\n \u003ctd\u003e£403\u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\n\u003cp\u003eYou’ll repay either:\u003c/p\u003e\n\n\u003cul\u003e\n \u003cli\u003e9% of your income over the threshold if you’re on Plan 1, 2, 4 or 5\u003c/li\u003e\n \u003cli\u003e6% of your income over the threshold if you’re on a Postgraduate Loan plan\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eThe examples show how much you’d repay depending on your income and plan type:\u003c/p\u003e\n\n\u003cdiv class=\"example\"\u003e\n \u003cp\u003eExample\u003c/p\u003e\n\n \u003cp\u003eYou’re on Plan 1 and have an income of £33,000 a year, meaning you get paid £2,750 each month.\u003c/p\u003e\n\n \u003cp\u003eCalculation:\u003c/p\u003e\n\n \u003cp\u003e£2,750 – £2,082 (your income minus the Plan 1 threshold) = £668 \u003c/p\u003e\n\n \u003cp\u003e9% of £668 = £60.12\u003c/p\u003e\n\n \u003cp\u003eThis means the amount you’d repay each month would be £60.\u003c/p\u003e\n\u003c/div\u003e\n\n\u003cdiv class=\"example\"\u003e\n \u003cp\u003eExample\u003c/p\u003e\n\n \u003cp\u003eYou’re on Plan 4 and have an income of £36,000 a year, meaning you get paid £3,000 each month.\u003c/p\u003e\n\n \u003cp\u003eCalculation:\u003c/p\u003e\n\n \u003cp\u003e£3,000 – £2,616 (your income minus the Plan 4 threshold) = £384 \u003c/p\u003e\n\n \u003cp\u003e9% of £384 = £34.56\u003c/p\u003e\n\n \u003cp\u003eThis means the amount you’d repay each month would be £34.\u003c/p\u003e\n\u003c/div\u003e\n\n\u003ch2 id=\"if-your-income-changes-during-the-year\"\u003eIf your income changes during the year\u003c/h2\u003e\n\n\u003cp\u003eYou’ll make a repayment if your income goes over the weekly or monthly threshold for your plan (for example, if you’re paid a bonus or overtime). You can \u003ca href=\"/repaying-your-student-loan/getting-a-refund\"\u003eask for a refund\u003c/a\u003e at the end of the tax year if your annual income is less than the yearly threshold for your plan.\u003c/p\u003e\n\n\u003ch2 id=\"interest\"\u003eInterest\u003c/h2\u003e\n\n\u003cp\u003eHow much interest you’re charged depends on which plan you’re on. You’re currently charged:\u003c/p\u003e\n\n\u003cul\u003e\n \u003cli\u003e4.3% if you’re on Plan 1\u003c/li\u003e\n \u003cli\u003e4.3% if you’re on Plan 4\u003c/li\u003e\n \u003cli\u003e4.3% if you’re on Plan 5\u003c/li\u003e\n \u003cli\u003e7.3% if you’re on a Postgraduate Loan plan\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003ch3 id=\"if-youre-on-plan-2\"\u003eIf you’re on Plan 2\u003c/h3\u003e\n\n\u003cp\u003eWhile you’re still studying, you’ll be charged 7.3% interest. The interest rate will change either:\u003c/p\u003e\n\n\u003cul\u003e\n \u003cli\u003eon 6 April after you finish or leave your course\u003c/li\u003e\n \u003cli\u003eon 6 April 4 years after the course started, if you’re studying part-time and your course is longer than 4 years\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eAfter this time, you’ll start being charged interest based on your annual income.\u003c/p\u003e\n\n\u003ctable\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth scope=\"col\"\u003eAnnual income\u003c/th\u003e\n \u003cth scope=\"col\"\u003eInterest rate\u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd\u003e£27,295 or less\u003c/td\u003e\n \u003ctd\u003e4.3%\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e£27,296 to £49,130\u003c/td\u003e\n \u003ctd\u003e4.3%, plus up to 3%\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e£49,130 or more\u003c/td\u003e\n \u003ctd\u003e7.3%\u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\n\u003cp\u003eYou can find out more about:\u003c/p\u003e\n\n\u003cul\u003e\n \u003cli\u003e\u003ca href=\"/guidance/how-interest-is-calculated-plan-1\"\u003ehow Plan 1 interest is calculated and interest rates for previous years\u003c/a\u003e\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/guidance/how-interest-is-calculated-plan-2\"\u003ehow Plan 2 interest is calculated and interest rates for previous years\u003c/a\u003e\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/guidance/how-interest-is-calculated-plan-4\"\u003ehow Plan 4 interest is calculated and interest rates for previous years\u003c/a\u003e\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/guidance/how-interest-is-calculated-plan-5\"\u003ehow Plan 5 interest is calculated and interest rates for previous years\u003c/a\u003e\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/guidance/how-interest-is-calculated-postgraduate-loan\"\u003ehow Postgraduate Loan interest is calculated and interest rates for previous years\u003c/a\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003ch2 id=\"if-youre-on-more-than-one-plan-type\"\u003eIf you’re on more than one plan type\u003c/h2\u003e\n\u003cp\u003eHow much you repay depends on which of your plan types has the lowest repayment threshold and whether or not you have a Postgraduate Loan.\u003c/p\u003e\n\n\u003ch3 id=\"if-you-do-not-have-a-postgraduate-loan\"\u003eIf you do not have a Postgraduate Loan\u003c/h3\u003e\n\n\u003cp\u003eYou’ll repay 9% of your income over the lowest threshold out of the plan types you have. You’ll only have a single repayment taken each time you get paid, even if you’re on more than one plan type.\u003c/p\u003e\n\n\u003cdiv class=\"example\"\u003e\n \u003cp\u003eExample\u003c/p\u003e\n\n \u003cp\u003eYou’re on Plan 1 and Plan 2 and have an income of £26,400 a year, meaning you get paid £2,200 each month. This is over the Plan 1 threshold of £2,082 but under the Plan 2 threshold of £2,274.\u003c/p\u003e\n\n \u003cp\u003eYou’ll repay 9% of your income over £2,082 a month because that is the lowest threshold out of the plan types you have.\u003c/p\u003e\n\n \u003cp\u003eCalculation:\u003c/p\u003e\n\n \u003cp\u003e£2,200 – £2,082 (your income minus the lowest threshold) = £118 \u003c/p\u003e\n\n \u003cp\u003e9% of £118 = £10.62\u003c/p\u003e\n\n \u003cp\u003eThis means the amount you’d repay each month would be £10.\u003c/p\u003e\n\n \u003cp\u003eIf your income went over the Plan 2 threshold, you’d still only repay 9% of your income over the Plan 1 threshold. You would not have to make a separate repayment towards your Plan 2 loan.\u003c/p\u003e\n\u003c/div\u003e\n\n\u003ch3 id=\"if-you-have-a-postgraduate-loan\"\u003eIf you have a Postgraduate Loan\u003c/h3\u003e\n\n\u003cp\u003eYou’ll repay 6% of your income over the Postgraduate Loan threshold (£21,000 a year) and 9% of your income over the lowest threshold for any other plan types you have.\u003c/p\u003e\n\n\u003cdiv class=\"example\"\u003e\n \u003cp\u003eExample\u003c/p\u003e\n\n \u003cp\u003eYou have a Postgraduate Loan and a Plan 2 loan and have an income of £28,800 a year, meaning you get paid £2,400 each month. This is over the Postgraduate Loan threshold of £1,750 and the Plan 2 threshold of £2,274.\u003c/p\u003e\n\n \u003cp\u003eCalculation:\u003c/p\u003e\n\n \u003cp\u003e£2,400 – £1,750 (your income minus the Postgraduate Loan threshold) = £650 \u003cbr\u003e\n6% of £650 = £39\u003c/p\u003e\n\n \u003cp\u003e£2,400 – £2,274 (your income minus the Plan 2 threshold) = £126 \u003cbr\u003e\n9% of £126 = £11\u003c/p\u003e\n\n \u003cp\u003eThis means the amount you’d repay each month would be £50.\u003c/p\u003e\n\u003c/div\u003e\n\n\u003ch2 id=\"if-you-have-more-than-one-job\"\u003eIf you have more than one job\u003c/h2\u003e\n\u003cp\u003eYou’ll only make repayments from jobs where you’re paid over the threshold for your plan type, not your combined income.\u003c/p\u003e\n\n\u003cdiv class=\"example\"\u003e\n \u003cp\u003eExample\u003c/p\u003e\n\n \u003cp\u003eYou have a Plan 1 loan and you have 2 jobs. Before tax and other deductions, you’re paid £1,000 a month from one job and £800 a month for the other.\u003c/p\u003e\n\n \u003cp\u003eYou will not have to make repayments because neither salary is above the £2,082 a month threshold.\u003c/p\u003e\n\u003c/div\u003e\n\n\u003cdiv class=\"example\"\u003e\n \u003cp\u003eExample\u003c/p\u003e\n\n \u003cp\u003eYou have a Plan 2 loan and you have 2 jobs. Before tax and other deductions, you’re paid £2,300 a month from one job and £500 a month for the other.\u003c/p\u003e\n\n \u003cp\u003eYou will only make repayments on the income from the job that pays you £2,300 a month because it’s above the £2,274 threshold.\u003c/p\u003e\n\u003c/div\u003e\n\n\u003ch2 id=\"if-youre-self-employed\"\u003eIf you’re self-employed\u003c/h2\u003e\n\u003cp\u003eHM Revenue and Customs (\u003cabbr title=\"HM Revenue and Customs\"\u003eHMRC\u003c/abbr\u003e) will work out how much you repay each year from your tax return. Your repayments will be based on your income for the whole year.\u003c/p\u003e\n\n\u003cp\u003eIf you’ve already made repayments from a salary, \u003cabbr title=\"HM Revenue and Customs\"\u003eHMRC\u003c/abbr\u003e will deduct them from the amount you have to repay.\u003c/p\u003e\n\n" } </script><script type="application/ld+json"> { "@context": "http://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "name": "Home", "@id": "https://www.gov.uk/" } }, { "@type": "ListItem", "position": 2, "item": { "name": "Get undergraduate student finance: step by step", "@id": "https://www.gov.uk/get-undergraduate-student-loan" } } ] } </script> </body> </html>

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