What student loan payment plan am I on? How much do I need to pay?
Plan 1
Your course began before 1 September 2012.
In 2024, the income threshold is:
- £24,990 a year
- £2,082.50 a month
This means you need to pay:
- 9% of any income over £2,082.50 a month
For example:
- You make £30,000 a year
- That equals £2,500 a month
- £2,500 - £2,082.50 = £417.50
- So you need to pay 9% of £417.50
- 9% of £417.50 is £37.58
- You need to pay £37.50 every month
The loan is written off either:
- 25 years after the April you were first due to repay (If your first loan was paid on or after 1 September 2006)
- When you are 65 (If the first loan was paid before 1 September 2006)
Plan 2
Your course began between 1 September 2012 and 31 July 2023 and you either:
- Study an undergraduate course
- Study a Postgraduate Certificate of Education (PGCE)
- Take out an Advanced Learner Loan
You are also on Plan 2 if:
In 2024, the Plan 2 Threshold is:
- £27,295 a year
- £2,274 a month
This means you need to pay:
- 9% of any income over £2,274 a month
For example:
- You make £30,000 a year
- That equals £2,500 a month
- £2,500 - £2,274 = £226
- So you need to pay 9% of £226
- 9% of £226 is £20.34
- You need to pay £37.50 every month
The loan is written off:
- 30 years after the April you were first due to repay
Postgraduate Loan plan
You studied a postgraduate master’s or doctoral course.
In 2024, the Postgraduate Loan plan threshold is:
- £21,000 per year
- £1,750 a month
This means you need to pay:
- 6% of any income over £1,750 a month
For example:
- You make £25,000 a year
- That equals £2,083.33 a month
- £2,083.33 - £1,750 = £333.33
- So you need to pay 9% of £333.33
- 9% of £333.33 is £30
- You need to pay £37.50 every month
The loan is written off:
- 30 years after the April you were first due to repay
Plan 4
You applied to Student Awards Agency Scotland.
Whether you studied an undergraduate or a postgraduate course.
In 2024, the Plan 4 threshold is:
- £31,395 a year
- £2,616 a month
This means you need to pay:
- 9% of any income over £2,616 a month
For example:
- You make £35,000 a year
- That equals £2,916.67 a month
- £2,916.67 - £2,616 = £300.67
- So you need to pay 9% of £300.67
- 9% of 300.67 is £27.06
- You need to pay £27.06 every month
The loan is written off either:
- 30 years after the April you were first due to repay (If the first loan was paid on or after 1 August 2007)
Or whichever of the following is first:
- When you are 65 (If the first loan was paid before 1 August 2007)
- 30 years after the April you were first due to repay ( If the first loan was paid before 1 August 2007)
Plan 5
Your course began on or after 1 August 2023 and either:
- You study an undergraduate course
- You study a Postgraduate Certificate of Education (PGCE)
- You take out an Advanced Learner Loan
In 2024, the Plan 5 income threshold is:
- £25,000 per year
- £2,083.33 a month
This means you need to pay:
- 9% of any income over £2,083.33 a month
For example:
- You make £35,000 a year
- That equals £2,916.67 a month
- £2,916.67 - £2,083.33 = £833.34
- So you need to pay 9% of £833.34
- 9% of 300.67 is £27.06
- You need to pay £75 every month
The loan is written off:
- 40 years after the April you are first due to repay