Interest Rates

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

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Undergraduate loans

Income Contingent Repayment for pre 2012 (Plan 1) loans

From 1 September 2017 until 31 August 2018, the maximum interest rate set for the existing Income Contingent Repayment loans will be 3.1%. However, the low interest cap will be triggered and therefore the rate to be charged from 1 September 2017 will be 1.25%.

Income Contingent Repayment 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 Circumstances Interest Rate
Whilst studying and until the April after leaving the course RPI+, plus 3% (6.1%)
From 6 April after leaving the course until the loan is repaid in full Variable rate 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 don't respond to SLC's requests for information or evidence RPI plus 3% (6.1%) will be applied to your loan, whatever your income, until SLC have all the information they need

Find out your undergraduate 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

Postgraduate Loans (England and Wales)

From 1 September 2017 until 31 August 2018, the interest rate for borrowers in England and Wales taking out a Postgraduate Loan for a Master's degree will be 6.1% (RPI + £3%).