How to work out which student loan payment plan you’re on
When looking for any advice about your Student Loan Repayment you may notice there’s two payment plans available and not many people know which plan they are on.
The problem is that each plan has very different repayment figures so it’s imperative to know which plan you’re on to keep on top of your finances.
So how do you work out which plan you’re on? It’s very easy to work out:
Plan 1: The first year of your course started before 1st September 2012
Plan 2: The first year of your course started on or after 1st September 2012
That’s it! It really is that easy to work out!
And just for some additional information, here’s how much you repay on each plan:
Plan 1
| Your income per year | Monthly repayments |
|---|---|
| £17,335 and under | £0 |
| £20,000 | £23 |
| £25,000 | £61 |
| £30,000 | £98 |
| £50,000 | £248 |
Plan 2
| Your income per year | Monthly repayments |
|---|---|
| £21,000 and under | £0 |
| £25,000 | £30 |
| £30,000 | £67 |
| £50,000 | £217 |
I hope that helps and if you want anymore information just contact me at info@zlogg.co.uk
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