Interest Rates

Repayment of student loans is a shared responsibility between SLC and Her Majesty's 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)
If you were on a short course or finished your course early and should have come into repayment before April 2016* RPI, plus 3% (3.9% for 2015/16) until the April after you leave your course, then RPI (0.9%) only until April 2016
If you come into repayment from April 2016 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 lose touch with SLC or do not send them the information they require RPI + 3%,(3.9%) irrespective of income, until SLC have the information they require

* The earliest date for repayment for all post-2012 (Plan 2) borrowers will be April 2016.

You can find more detailed information by visiting our repayment website.