PART 2Amendment of the Education (Student Loans) (Repayment) Regulations 2009
Insertion of Schedule 1A (repayment thresholds)
Insertion of Schedule 1A (repayment thresholds)I165
After Schedule 1 (revocations) insert—
SCHEDULE 1ARepayment thresholds
Plan 1 loan1
1
The repayment threshold for a plan 1 loan is—
a
£22,015 for the repayment threshold year ending on 5th April 2024, and
b
for each repayment threshold year ending on or after 5th April 2025, the amount rounded up to the nearest £5 (if necessary) being the product of—
i
the amount of the repayment threshold for the previous repayment threshold year, and
ii
the repayment threshold variable.
2
This paragraph is subject to regulation 44(6) (which applies a default threshold in certain circumstances).
Plan 2 loan2
1
The repayment threshold for a plan 2 loan is—
a
£27,295 for the repayment threshold year ending on 5th April 2024 or 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 repayment threshold for the previous repayment threshold year, and
ii
the repayment threshold variable.
2
This paragraph is subject to regulation 44(6) (which applies a default threshold in certain circumstances).
Plan 3 loan3
The repayment threshold for a plan 3 loan is £21,000.
Plan 4 loan4
1
The repayment threshold for a plan 4 loan is determined in accordance with the definition of “repayment threshold” in regulation 2 of the 2000 (Scotland) Regulations.
2
This paragraph is subject to regulation 44(6) (which applies a default threshold in certain circumstances).
Plan 5 loan5
1
The repayment threshold for a plan 5 loan is—
a
£25,000 for the repayment threshold year ending on 5th April 202734, and
b
for each repayment threshold year ending on or after 5th April 2028, the amount rounded up to the nearest £5 (if necessary) being the product of—
i
the amount of the repayment threshold for the previous repayment threshold year, and
ii
the repayment threshold variable.
2
This paragraph is subject to regulation 44(6) (which applies a default threshold in certain circumstances).