From the 6th April 2022, the repayment thresholds for student and postgraduate loans will increase as follows:
- Plan 1 – £20,195
- Plan 4 – £25,375
Interest rates for plans 1 & 4 will stay at the current rate of 9% when above the thresholds.
HMRC have yet to announce if there will be any changes to the repayment thresholds and interest rates for plan 2 or postgraduate loans from the new tax year 22/23.
For further information regarding student loans and postgraduate loans please visit the HMRC website.