Repaying your pupil loan. simply how much you repay depends on which plan youâ€™re on.
Each plan features a limit for the regular or month-to-month earnings. You repay:
9% associated with the quantity you make within the limit for Arrange 1 and 2
6% associated with the quantity you get throughout the limit for the Postgraduate Loan
You don’t spend such a thing right straight straight right back in case your earnings is underneath the limit.
Interest begins being included with your loan from the time you obtain very first re payment.
The thresholds are Â£372 a week or Â£1,615 per month (before taxation along with other deductions).
Youâ€™re paid month-to-month as well as your earnings modifications every month. This thirty days your revenue had been Â£2,000, which will be on the Arrange 1 threshold that is monthly of.
Your earnings ended up being Â£385 throughout the limit (Â£2,000 minus Â£1,615). You may repay Â£34 (9% of Â£385) this month.
Your yearly income is Â£27,000 and youâ€™re paid a frequent month-to-month wage. This means each thirty days your revenue is Â£2,250 (Â£27,000 split by 12). This is certainly within the Arrange 1 threshold that is monthly of.
Your earnings is Â£635 on the limit (Â£2,250 minus Â£1,615). You certainly will repay Â£57 (9% of Â£635) every month.
Interest on Arrange 1
You currently spend interest of 1.1per cent on Plan 1.Read More