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Plan 1 - How and when you repay

 

You will start to repay your loan from the April following the date you graduate or leave your course.


You will pay 9% of anything you earn over £17,495 before tax per year. For more information, see the section How repayments are calculated


If you have an employer you will have repayment deductions taken directly from your pay slip. For more information, see the section Repaying through Pay As You Earn (PAYE)


If you are self employed, you will need to complete a self assessment form and return it with any payment by 31 January following the relevant tax year. For more information, see the section Repaying through Self Assessment


Historical ICR Repayment Thresholds for Plan 1 Loans

Period Applicable Annual Repayment Threshold Monthly Repayment Threshold Weekly Repayment Threshold
6th April 2000 to 5th April 2005 £10,000 £833 £192
6th April 2005 to 5th April 2012 £15,000 £1,250 £288
6th April 2012 to 5th April 2013 £15,795 £1,316 £303
6th April 2013 to 5th April 2014 £16,365 £1,363 £314
6th April 2014 to 5th April 2015 £16,910 £1,409 £325
6th April 2015 to 5th April 2016 £17,335 £1,444 £333
6th April 2016 to 5th April 2017 £17,495 £1,457 £336
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