皇冠体育app

Income Contingent Repayment Student Loans

Undergraduate loans

Income Contingent Student Loans for pre-2012 (Plan 1) undergraduate loans

皇冠体育app interest rate on pre-2012 income-contingent repayment student loans is RPI or the Bank Base Rate + 1%, (鈥渢he low interest cap鈥�) whichever is lower. 皇冠体育app low interest rate cap is in effect, therefore the interest rate for pre-2012 (Plan 1) loans is currently 6%. This rate will continue to be charged from 1 September 2023 but may be adjusted throughout the year in line with Bank Base Rate changes.

If the low interest rate cap no longer applies during the year, the聽interest rate on Plan 1 Income Contingent Repayment Loans during the period 1 September 2023 until 31 August 2024 will be 13.5%, the applicable rate of RPI for the period.

Please monitor this website regularly as the rates may change during the academic year.

From 6 April 2024, the repayment threshold for pre-2012 (Plan 1) loans will rise to 拢24,990.

Income Contingent Student Loans for Plan 2 undergraduate loans

皇冠体育app applicable RPI rate is 13.5% for the period 1 September 2023 to 31 August 2024. Interest rates for Plan 2 income contingent student loans vary between RPI (13.5%) and RPI +3% depending on your circumstances. 皇冠体育appse rates are subject to any caps to reflect the Prevailing Market Rate.

Prevailing Market Rate cap

From 1 September 2023 to 30 November 2023:

皇冠体育app maximum interest rate will be 7.3% for all Plan 2 loans, in line with the latest published Prevailing Market Rate.

From 1 December 2023, the Plan 2 interest rate is scheduled to revert to RPI to RPI+3% (depending on borrower circumstances). Further caps will be implemented, if required, to reduce student loan interest rates to align with the prevailing market and will be confirmed closer to the time.

皇冠体育app income threshold for repayment of Plan 2 loans from April 2024 remains at 拢27,295.

Income Contingent Student Loans for Plan 5 undergraduate loans

皇冠体育app applicable RPI rate is13.5% for the period 1 September 2023 to 31 August 2024. 皇冠体育app interest rate for Plan 5 is RPI (13.5%) + 0%. This rate is subject to any caps to reflect the Prevailing Market Rate.

Prevailing Market Rate cap:

From 1 September 2023 to 30 November 2023:

皇冠体育app maximum interest rate will be 7.3% for Plan 5 loans, in line with the latest published Prevailing Market Rate.

From 1 December 2023, the Plan 5 interest rate is scheduled to reduce to RPI. Further caps will be implemented, if required, to reduce student loan interest rates to align with the prevailing market and will be confirmed closer to the time.

皇冠体育app income threshold for repayment of Plan 5 loans due to come into repayment from April 2026 is 拢25,000.

Postgraduate Loans 鈥� Plan 3

皇冠体育app Interest rate for Postgraduate Master鈥檚 or Doctoral loans is RPI plus 3%. 皇冠体育app applicable RPI rate is 13.5% for the period 1 September 2023 to 31 August 2024. This rate is subject to any caps to reflect the Prevailing Market Rate.

Prevailing Market Rate cap:

From 1 September 2023 to 30 November 2023:

皇冠体育app maximum interest rate will be 7.3% for Postgraduate loans, in line with the latest published Prevailing Market Rate.

From 1 December 2023, the Plan 3 interest rate is scheduled to revert to RPI+3%. Further caps will be implemented, if required, to reduce student loan interest rates to align with the prevailing market and will be confirmed closer to the time.

皇冠体育app income thresholds for repayment of Postgraduate Masters and Doctoral Loans to apply from April 2024 will be announced in due course.

Mortgage Style Loans

From 1 September 2023 until 31 August 2024, the interest rate for mortgage style loans will be RPI, that is,13.5%.

皇冠体育app deferment threshold for mortgage style loans will be 拢38,255.

Any queries from borrowers who have mortgage style loans should be addressed to their loan administrator.