Student Loan Recovery 2023-24

Current Plan types

  • Plan 1 – This applies to all courses in Northern Ireland and courses in England and Wales that begun before 1st September 2012
  • Plan 2 – This applies to courses in England and Wales that begun on or after 1st September 2012
  • Pan 4 – Applies to all courses in Scotland
  • Postgraduate – This is for any Postgraduate Masters’ Loans and Postgraduate Doctoral Loans in England and Wales

Plan 1

Employee Earnings threshold at which the repayment of the student loan begins£423.36 pw
£1,834.58 pm
£22,015 pa
Rate of deduction9%

Plan 2

Employee Earnings threshold at which the repayment of the student loan begins£524.90 pw
£2,274.58 pm
£27,295.00 pa
Rate of deduction9%

Plan 4

Employee Earnings threshold at which the repayment of the student loan begins£531.92 pw
£2,305.00 pm
£27,660.00 pa
Rate of deduction9%

Postgraduate Loan

Employee Earnings threshold at which the repayment of the student loan begins£403.84 pw
£1,750.00 pm
£21,000.00 pa
Rate of deduction6%

In February 2022, the Government announced that the terms and conditions for student loans would change for undergraduates who begin their studies on or after September 2023. The repayment threshold will be at £25,000 until 2026-2027 which means a new plan type is likely to be needed.