Plan 5 student loan
Undergraduate, PGCE or Advanced Learner Loans funded by England for courses starting on or after 1 August 2023.
Figures as of .
9% of everything you earn above £25,000 a year. These are annual estimates; monthly equivalents divide the annual amount by twelve.
| Salary | Monthly equivalent | A year |
|---|---|---|
| £30,000 | £38 | £450 |
| £45,000 | £150 | £1,800 |
| £60,000 | £263 | £3,150 |
Interest does not change these figures. It changes how long you repay for, up to the write-off 40 years after the April you were first due to repay.
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 £25,000?
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 £25,000. Interest affects the balance and how long you repay, rather than this income-based rate.
Why is the write-off 40 years?
Government rules set Plan 5's write-off at 40 years. It has a threshold of £25,000 and interest at RPI only (no income-based margin). Whether you repay for that long depends on your balance, earnings and future rates.
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.