When do I start paying back my Plan 1 student loan?
You will usually start repaying your loan at the start of the tax year after you finish or leave your course.
But payments only start if you earn over the 'repayment threshold'. Your earnings are calculated before taking off tax or National Insurance contributions (NIC).
The repayment threshold changes each year:
- 2017/18 (the tax year to 5 April 2018) – £17,775
- 2018/19 (the tax year to 5 April 2019) – £18,330
- 2019/20 (the tax year to 5 April 2020) – £18,935
The subsequent pages explain the various ways of collecting repayments and how they are calculated for: