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The Department for Education (DfE) have confirmed the annual change in Interest Rates and as set out in the relevant regulations and terms & conditions of the loans.
From 1 December 2017 until 31 August 2018, the interest rate set for the existing Income Contingent Repayment Loans will be 1.5%.
Please monitor this website regularly as the rates may change during the academic year.
From 1 September 2017 until 31 August 2018, one or more interest rates may apply to you:
|Your circumstances||Interest rate|
|Whilst studying and until the April after leaving the course If you come into repayment from April 2018||RPI + 3% (6.1%) Variable interest, dependent upon income|
|If you come into repayment from April 2018||Variable interest, dependent upon income
RPI (3.1%), where income is £21,000 or less, rising on a sliding scale up to RPI + 3% (6.1%), where income is £41,000 or more
|If you lose touch with SLC or do not send them the information they require||RPI + 3% (6.1%), irrespective of income, until SLC have the information they require|
The repayment thresholds are expected to change in April 2018. The lower threshold will rise from £21,000 to £25,000 and the higher threshold from £41,000 to £45,000. This change requires Parliamentary approval. Find out more about the Plan 2 threshold change.
From 1 September 2017 until 31 August 2018, the interest rate for mortgage style loans will be 3.1%.
Any queries on mortgage style loans should be addressed to their loan administrator.