Plan 4 vs Plan 5
A Scottish student and an English student starting the same year are on different plans with different thresholds.
Figures as of .
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| Plan 4 | Plan 5 | |
|---|---|---|
| Repay above | £33,795 | £25,000 |
| Rate above threshold | 9% | 9% |
| Interest now | 4.1% | 4.1% |
| Interest rule | The lower of RPI or the Bank of England base rate + 1% | RPI only (no income-based margin) |
| Write-off rule | 30 years after the April you were first due to repay (or, if your first loan payment was before 1 August 2007, age 65 or 30 years - whichever comes first) | 40 years after the April you were first due to repay |
Monthly repayment
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| Salary | Plan 4 | Plan 5 | Less each month |
|---|---|---|---|
| £30,000 | £0 | £38 | Plan 4 |
| £45,000 | £84 | £150 | Plan 4 |
| £60,000 | £197 | £263 | Plan 4 |
Plan 4 takes less each month at every salary here because its threshold is higher. Interest and the write-off decide the total over the loan's life, and that needs a forecast.
Each plan in full
About these estimates
Estimates, not financial advice. Check the assumptions and sources on this page before making a decision.
Limitations
Results may be inaccurate and government policy can change. Do your own research. You use this information at your own risk; we cannot accept liability if things go wrong.