Interest Rates

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

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The amount of interest on your loan will vary according to your Repayment Plan Type. 

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 your repayment plan type

If you do not know your repayment plan type, you can find out by using our tool to help you discover this