The Department for Education (DfE) has confirmed the annual updates to the Interest Rates and Thresholds of Income Contingent Student Loans.
The current threshold for 2018-19 for Plan 1 is £18,330 and the DfE have confirmed that from 6 April 2019 the threshold will rise to £18,935 for Plan 1. Earnings above £18,935 will be calculated at 9%. The current threshold for 2018-19 for Plan 2 is £25,000 and the DfE have confirmed that from 6 April 2019 the threshold for post 2012 loans will rise to £25,725 for Plan 2. Earnings above £25,725 will be calculated at 9%. The DfE has introduced a new loan type from 6 April 2019, Postgraduate Loan (PGL). The threshold for 2019/20 is £21,000. Earnings above £21,000 for PGL will be calculated at 6%.
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AuthorPaul Hills Archives
February 2022
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