SCHEDULE 1ARepayment thresholds

Regulation 3

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).