Repayments
You’ll start to repay your loan once your income is over the threshold for your repayment plan. The amount you’ll repay will be based on how much you earn, not how much you borrow.
For people employed in the UK, repayments are automatically deducted at source via the PAYE system.
If you are self-employed or living abroad your repayments will need to be set up with the Student Loans Company directly, and will not be taken out at source.
If you move abroad, your repayment amount is based on the equivalent level of living costs of the country in which you reside.
Any outstanding loan balance will be cancelled 40 years after you’re due to start repaying (Plan 5).
Interest
Interest is accrued from the moment your loan is issued until your loan is repaid in full or cancelled. The interest rate is based on the Retail Price Index.
Further information regarding repayments and interest rates
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