Student Loan repayments will change depending on when you took your course, and your current taxable income.
If you are eligible to pay back your student loan via your salary, the amount deducted will depend on when you went to university, and your overall taxable income.
You can find out more about student loan plans and bandings here.
Typically the rates are as follows:
- 9% of the amount you earn over the relevant threshold for Plan 1, 2 and 4 (Scotland)
- 6% of the amount you earn over the threshold for Postgraduate loans
Thresholds are as follows:
Plan 1
The thresholds are £491 a week or £2093 a month (before tax and other deductions).
Example
You’re paid monthly and your income changes each month. This month your income was £2248, which is over the Plan 1 monthly threshold of £2093.
Your income was £155 over the threshold (£2248 minus £2093). You will pay back £14 (9% of £155) this month.
Plan 2
The thresholds are £536 a week or £2285 a month (before tax and other deductions).
Example
You’re paid weekly and your income changes each week. This week your income was £612, which is over the Plan 2 weekly threshold of £536.
Your income was £76 over the threshold (£612 minus £536). You will pay back £7 (9% of £76) this week.
Plan 4
The thresholds are £614 a week or £2627 a month (before tax and other deductions).
Example
You’re paid monthly and your income changes each month. This month your income was £2761, which is over the Plan 4 monthly threshold of £2627.
Your income was £134 over the threshold (£2761 minus £2627). You will pay back £12 (9% of £134) this month.