Plan 2 vs Plan 4
Plan 4 covers loans funded by Scotland. Plan 2 covers qualifying loans funded by England from 2012 to July 2023, and Wales from September 2012 onwards.
Figures as of .
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| Plan 2 | Plan 4 | |
|---|---|---|
| Repay above | £29,385 | £33,795 |
| Rate above threshold | 9% | 9% |
| Interest now | 6.0% (max) | 4.1% |
| Interest rule | RPI + 3% while studying, then RPI to RPI + 3% based on income, subject to the current cap | The lower of RPI or the Bank of England base rate + 1% |
| Write-off rule | 30 years after the April you were first due to repay | 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) |
Monthly repayment
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| Salary | Plan 2 | Plan 4 | Less each month |
|---|---|---|---|
| £30,000 | £5 | £0 | Plan 4 |
| £45,000 | £117 | £84 | Plan 4 |
| £60,000 | £230 | £197 | Plan 4 |
Plan 4 takes less each month at every salary here because its threshold is higher. Interest and the write-off decide the total over the loan's life, and that needs a forecast.
Each plan in full
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.