Student Loan Interest Rates & Thresholds (2025/26)
Last updated: April 2025. Source: GOV.UK & SLC
Plan 1
9% of earnings above thresholdEnglish/Welsh students who started before September 2012, or Northern Irish students.
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
Plan 2
9% of earnings above thresholdEnglish/Welsh students who started on or after 1 September 2012, before 1 August 2023.
Interest: RPI while studying, then RPI to RPI + 3% based on income
Written off: 30 years after the April you were first due to repay
Plan 4
9% of earnings above thresholdScottish students, or EU students who studied in 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 age 65 if started before Sept 2007)
Plan 5
9% of earnings above thresholdEnglish students who started 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% while studying, then RPI to RPI + 3% based on income
Written off: 30 years after the April you were first due to repay
Key Dates
| 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. |
Historical Rates & Thresholds
Repayment Thresholds (Annual)
| Tax Year | Plan 1 | Plan 2 | Plan 4 | Plan 5 | Postgrad |
|---|---|---|---|---|---|
| 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
| Tax Year | Plan 1 | Plan 2 | Plan 4 | Plan 5 | Postgrad |
|---|---|---|---|---|---|
| 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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