Higher interest threshold for plan 2 loans21AA

1

For a domestic borrower, the higher interest threshold is—

a

£49,130 for the repayment threshold years ending on 5th April 2024 and 5th April 2025, and

b

for each repayment threshold year ending on or after 5th April 2026, the amount rounded up to the nearest £5 (if necessary) being the product of—

i

the amount of the higher interest threshold for the previous repayment threshold year, and

ii

the repayment threshold variable.

2

For an overseas borrower, the higher interest threshold is the amount rounded up to the nearest £5 (if necessary) being the product of—

a

the higher interest threshold for a domestic borrower, and

b

the country-specific multiplier for the overseas borrower’s country of residence.

Lower interest threshold for plan 2 loans21AB

1

For a domestic borrower, the lower interest threshold is the repayment threshold for a plan 2 loan.

2

For an overseas borrower, the lower interest threshold is the amount rounded up to the nearest £5 (if necessary) being the product of—

a

the lower interest threshold for a domestic borrower, and

b

the country-specific multiplier for the overseas borrower’s country of residence.