Student loan recovery

Published: 26 Jul 2013

Updated: 18 Mar 2018

 

Written by Ray Coman

 

Student loan is due to be repaid at a fixed rate on income above the thresholds state below. On employment earnings the repaymemt is collected via PAYE. For other types of income, such as rental and self-employment profits, the repayment is due via self-assessment.  income from all sources are pooled and compared to the threshold in caluclating liability.

 

Plan 1 applies to loans taken out before 1st September 2012; plan 2 to loans after that date.

 

 

 Rate or threshold

 

2018-19
Income threshold for Plan 1  £18,330 per year                 
  £1,527.50 per month
  £352.50 per week
Income threshold for Plan 2 £25,000 per year    
  £2,083.33 per month
  £480.76 per week
Student loan deductions 9%

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