Student Loan Interest Rates & Thresholds (2026/27)
Last updated: . Source: GOV.UK & SLC
Plan 1
9% of earnings above thresholdIncome-contingent loans funded by England or Wales before September 2012, or by Northern Ireland.
Interest: The lower of RPI or the Bank of England base rate + 1%
Written off: 25 years after the April you were first due to repay (or age 65 if your first loan payment was before 1 September 2006)
Plan 2
9% of earnings above thresholdUndergraduate or PGCE loans funded by England for courses starting September 2012 to July 2023, or Wales from September 2012 onwards. Also English Higher Education Short Course Loans.
Interest: RPI + 3% while studying, then RPI to RPI + 3% based on income, subject to the current cap
Written off: 30 years after the April you were first due to repay
Plan 4
9% of earnings above thresholdUndergraduate or postgraduate loans funded by the Student Awards Agency Scotland.
Interest: The lower of RPI or the Bank of England base rate + 1%
Written off: 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)
Plan 5
9% of earnings above thresholdUndergraduate, PGCE or Advanced Learner Loans funded by England for courses starting on or after 1 August 2023.
Interest: RPI only (no income-based margin)
Written off: 40 years after the April you were first due to repay
Postgraduate Loan
6% of earnings above thresholdMaster's or Doctoral Loan borrowers (England/Wales).
Interest: RPI + 3%, subject to the current cap; not based on income
Written off: 30 years after the April you were first due to repay
Key Dates
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| Event | When |
|---|---|
| Repayments start | The April after you leave your course (or April 4 years after starting, if part-time). |
| Interest starts | From the day your first payment is made to your university or bank account. |
| Thresholds update | Every April, based on average earnings growth (Plan 2) or RPI (Plans 1 & 4). Plan 5 is frozen at £25,000 until 2027. |
| Rates update | Every September, based on the previous March's RPI figure. |
| Unpaid balance written off | 25 years (Plan 1), 30 years (Plans 2, 4, Postgrad) or 40 years (Plan 5) after first due to repay. |
Repayment Thresholds (Annual)
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| Tax Year | Plan 1 | Plan 2 | Plan 4 | Plan 5 | Postgrad |
|---|---|---|---|---|---|
| 2026/27 | £26,900 | £29,385 | £33,795 | £25,000 | £21,000 |
| 2025/26 | £26,065 | £28,470 | £32,745 | £25,000 | £21,000 |
| 2024/25 | £26,065 | £28,470 | £32,745 | £25,000 | £21,000 |
| 2023/24 | £22,015 | £27,295 | £27,660 | £25,000 | £21,000 |
| 2022/23 | £20,195 | £27,295 | £25,375 | — | £21,000 |
| 2021/22 | £19,895 | £27,295 | £25,000 | — | £21,000 |
Interest Rates
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| Tax Year | Plan 1 | Plan 2 | Plan 4 | Plan 5 | Postgrad |
|---|---|---|---|---|---|
| 2026/27 | 4.1% | 6.0% (max) | 4.1% | 4.1% | 6.0% (max) |
| 2025/26 | 3.2% | 6.2% (max) | 3.2% | 3.2% | 6.2% (max) |
| 2024/25 | 4.3% | 7.3% (max) | 4.3% | 4.3% | 7.3% (max) |
| 2023/24 | 6.25% | 7.6% (max) | 6.25% | 7.6% | 7.6% (max) |
| 2022/23 | 5.0% | 6.9% (max) | 5.0% | — | 6.9% (max) |
| 2021/22 | 1.1% | 4.1% (max) | 1.1% | — | 4.1% (max) |
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