Plan 1 student loan
Income-contingent loans funded by England or Wales before September 2012, or by Northern Ireland.
Figures as of .
9% of everything you earn above £26,900 a year. These are annual estimates; monthly equivalents divide the annual amount by twelve.
| Salary | Monthly equivalent | A year |
|---|---|---|
| £30,000 | £23 | £279 |
| £45,000 | £136 | £1,629 |
| £60,000 | £248 | £2,979 |
Interest does not change these figures. It changes how long you repay for, up to the write-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).
Do I repay while studying?
Usually repayments start the April after leaving. For part-time courses longer than four years that started before January 2027, repayment can start in the April four years after the course began. Income must exceed the applicable threshold.
What if I earn under £26,900?
Deductions stop when pay is below the threshold for that pay period. A bonus can trigger a deduction even if your annual income is below the yearly threshold; you can request a refund after the tax year ends.
Does the interest rate change my monthly repayment?
Required repayments use 9% of earnings above the threshold for your pay period. The annual threshold is £26,900. Interest affects the balance and how long you repay, rather than this income-based rate.
Is Plan 1 the same in Northern Ireland?
Yes. Northern Irish loans use the same £26,900 threshold, 9% rate and interest rule as English and Welsh Plan 1 loans.
Sources: Plan eligibility · Repayment timing · Repayment amounts
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.