When you have Arrange 1 and Arrange 2 loans
You pay off 9% of one’s earnings within the Arrange 1 threshold (ВЈ382 per week or ВЈ1,657 per month).
If the earnings are beneath the Arrange 2 limit (ВЈ524 an or ВЈ2,274 a month), your repayments only go towards your plan 1 loan week.
In case the money is finished the program 2 limit, their repayments get towards both their loans.
Arrange 4
The thresholds is ВЈ480 per week or ВЈ2,083 per month (before taxation and other deductions).
Instance
You’re compensated month-to-month as well as your earnings adjustment every month. This thirty days your earnings ended up being £2,250, which can be within the Arrange 4 month-to-month limit of £2,083.
Your revenue had been ВЈ167 throughout the limit (ВЈ2,250 minus ВЈ2,083) . You certainly will repay ВЈ15 (9% of ВЈ167) this month.
Instance
Their yearly money was £33,000 and you’re compensated a normal wage that is monthly. Which means that each your income is £2,750 (£33,000 divided by 12) month. It is on the Arrange 4 month-to-month limit of £2,083.
Your earnings was ВЈ667 within the limit (ВЈ2,750 minus ВЈ2,083). You certainly will repay ВЈ60 (9% of ВЈ667) every month.
Interest on Plan 4
Your presently spend interest of 1.25percent on Arrange 4. You will find away the way the interest percentage is calculated and rates of interest for past years.
If you have got a Arrange 4 loan and an idea 1 loan
You pay off 9% of the money on the Arrange 1 limit (ВЈ382 per week or ВЈ1,657 30 days).
In the event the earnings are underneath the Arrange 4 limit (ВЈ480 per week or ВЈ2,083 per month), their repayments best get towards their arrange 1 loan.
If for example the earnings has ended the program 4 limit, their repayments get towards both their loans.
Instance
You have got a Plan 4 loan and an agenda 1 loan.
Their annual money was ВЈ28,800 and you are clearly compensated a normal monthly wage. Which means each month your revenue try ВЈ2,400 (ВЈ28,800 split by 12). That is on the Arrange 4 month-to-month limit of ВЈ2,083 while the Arrange limit of ВЈ1,657.
Your earnings was ВЈ743 throughout the Arrange 1 threshold (ВЈ2,400 minus ВЈ1,657) which can be the cheapest of both plans.
Your will pay back ВЈ67 (9% of ВЈ743) and repayments is certainly going towards both methods.
If you have got an idea 4 loan and an agenda 2 loan
You pay off 9% of one’s money on the Arrange 4 limit (ВЈ480 an or ВЈ2,083 a month) week.
In case your earnings try beneath the Arrange 2 threshold (ВЈ524 an or ВЈ2,274 a month), your repayments only go towards your plan 4 loan week.
In the event your earnings is finished the master plan 2 limit, their repayments get towards both their loans.
Instance
A Plan is had by you 4 loan and an idea 2 loan.
Your yearly money try ВЈ28,800 and you are clearly compensated a frequent wage that is monthly. This means each your income is ВЈ2,400 (ВЈ28,800 divided by 12) month. This will be on the Plan 4 threshold that is monthly of therefore the Arrange 2 limit of ВЈ2,274.
Your earnings was ВЈ317 throughout the Arrange 4 limit (ВЈ2,400 minus ВЈ2,083) that will be the lowest of both methods.
Your will repay ВЈ28 (9% of ВЈ317) and repayments is certainly going towards both methods.
Postgraduate Loan
The thresholds is ВЈ403 an or ВЈ1,750 a month (before tax and other deductions) week.
Instance
You’re paid weekly along with your money modifications every week. This week your earnings is £600, which can be within the Postgraduate Loan threshold that is weekly of.
Your earnings is ВЈ197 on the threshold (ВЈ600 minus ВЈ403). You can expect to pay back ВЈ11 (6% of ВЈ197) this week.
Instance
Their yearly money are ВЈ28,800 and you’re compensated a frequent month-to-month wage. This means each thirty days your revenue try ВЈ2,400 (ВЈ28,800 split by 12). This really is within the Postgraduate Loan threshold that is monthly of.
Your earnings try ВЈ650 throughout the limit (ВЈ2,400 minus ВЈ1,750). You can expect to repay ВЈ39 (6% of ВЈ650) every month.
Interest on Postgraduate Loan
Your presently spend interest of 4.4% on Postgraduate Loans.
The attention is often the shopping Price Index (RPwe ) plus 3%.
If you have got a Postgraduate Loan and an agenda 1, Arrange 2 or Arrange 4 loan
You pay off 6% of one’s money on the Postgraduate Loan limit (ВЈ403 an or ВЈ1,750 a month) week. In choice, you’ll pay off 9% of one’s income within the Arrange 1, Arrange 2 or Arrange 4 limit.
Instance
You have got a Postgraduate Loan and an agenda 2 loan.
Their yearly income was ВЈ28,800 and you are clearly paid a normal wage that is monthly. This means each your income is ВЈ2,400 (ВЈ28,800 divided by 12) month. That is within the Postgraduate Loan threshold that is monthly of plus the Arrange 2 threshold of ВЈ2,274.
Your earnings try ВЈ650 on the Postgraduate Loan limit (ВЈ2,400 minus ВЈ1,750) and ВЈ126 within the Arrange 2 limit (ВЈ2,400 minus ВЈ2,274).
Your will repay ВЈ39 (6% of ВЈ650) to your Postgraduate Loan and ВЈ11 (9% of ВЈ126) to their Arrange 2 loan. Which means that your total month-to-month payment will be ВЈ50.
Instance
You have got a Postgraduate Loan and an agenda 1 loan.
Their yearly money was ВЈ28,800 and you are clearly paid a regular month-to-month wage. Which means each thirty days your earnings was ВЈ2,400 (ВЈ28,800 split by 12). It is throughout the Postgraduate Loan threshold that is monthly of in addition to Arrange 1 limit of ВЈ1,657.
Your revenue try ВЈ650 over the Postgraduate Loan limit (ВЈ2,400 minus ВЈ1,750) and ВЈ743 within the Arrange 1 limit (ВЈ2,400 minus ВЈ1,657).
Your will repay ВЈ39 (6% of ВЈ650) to their Postgraduate Loan and ВЈ66 (9% of ВЈ743) to their Arrange 1 loan. So that your total repayment that is monthly feel ВЈ105.
In the event your money modifications through the 12 months
It is possible to request a reimbursement in the event that you render repayments however your total income that is annualfrom 6 April to 5 April listed here seasons) try significantly less than:
- ВЈ19,895 a for plan 1 year
- ВЈ27,295 a for plan 2 year
- ВЈ25,000 a 12 months for arrange 4
- ВЈ21,000 for Postgraduate Loans