Interest Rates

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.

Undergraduate Loans

Income Contingent Student Loans for pre-2012 (Plan 1) 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.

Income Contingent Student Loans for post-2012 (Plan 2) loans

From 1 September 2017 until 31 August 2018, one or more interest rates may apply to you:

Your circumstancesInterest 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.

Mortgage Style Student Loans

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.