Interest Rates

Repayment of student loans is a shared responsibility between SLC and HM Revenue & Customs (HMRC).

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Income Contingent Repayment Loans - Plan 1

From 1 September 2015, until further notice, the interest rate set for the pre 2012 (Plan 1) Income Contingent Repayment Loans will be 0.9%

Income Contingent Repayment Loans from 2012 - Plan 2 (for customers in England and Wales)

From 1 September 2015 until 31 August 2016, one or more interest rates may apply to you:

Your Circumstances Interest Rate
Whilst studying and until the April after leaving the course RPI, plus 3% (3.9% for 2015/16)
From 6 April after leaving the course until the loan is repaid in full Variable rate dependent upon income. RPI (0.9%) where income is £21,000 or less, rising on a sliding scale up to RPI+3% (3.9%) where income is £41,000 or more
If you don't respond to SLC's requests for information or evidence RPI plus 3% will be applied to your loan, whatever your income, until SLC have all the information they need

Find out more detailed information on Plan 1 and Plan 2 loans