Income Contingent Student Loans
Undergraduate loans
Income Contingent Student Loans for pre-2012 (Plan 1) loans
From 1 September 2018 until 31 August 2019, the maximum interest rate that can be set for the existing Income Contingent Repayment Loans will be 3.3%. However, the low interest cap will be triggered, and therefore the rate to be charged from 1 September 2018 will be 1.75%.
Please monitor this website regularly as the rates may change during the academic year.
From 6 April 2019, the repayment threshold for pre-2012 (Plan 1) loans will rise to £18,935.
Income Contingent Student Loans for post-2012 (Plan 2) loans
From 1 September 2018 until 31 August 2019, one or more interest rates may apply to you:
Your circumstances
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Interest rate
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Whilst studying and until the April after leaving the course
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RPI + 3% (6.3%)
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If you come into repayment from April 2019
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Variable interest, dependent upon income
RPI (3.3%), where income is £25,725 or less, rising on a sliding scale up to RPI + 3% (6.3%), where income is £46,305 or more
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If you lose touch with SLC or do not send them the information they require
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RPI + 3% (6.3%), irrespective of income, until SLC have the information they require
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The repayment threshold for post-2012 (plan 2) loans will rise to £25,725 from 6 April 2019 to 5 April 2020.
If you do not know your repayment plan type, you can find out by using our tool.
Postgraduate Loans
From 1 September 2018 until 31 August 2019, the interest rate for borrowers in England taking out a Postgraduate Masters or a Doctoral loan will be 6.3% (RPI + 3%).
The repayment threshold for Postgraduate loans continues to be £21,000.
Mortgage Style Loans
From 1 September 2018 until 31 August 2019, the interest rate for mortgage style loans will be 3.3%
The deferment threshold for mortgage style loans will be £30,737.
Any queries from borrowers who have mortgage style loans should be addressed to their loan administrator.