Student Loan Plans Explained
The UK has multiple student loan plans, each with different thresholds, interest rates, and write-off periods. Find out which plan you're on.
ℹ️Not sure which plan you're on?
Check your payslip for codes like "SL1", "SL2", etc., or log in to your Student Loans Company account.
Most Common
Plan 2
current
Average Balance
£45k
at graduation
Break-even Salary
£50k
to repay in full
Interest Rate (Plan 2)
6.2%
current max
Plan 1
Pre-2012 Loans
For students who started undergraduate courses in England or Wales before September 2012, or in Scotland or Northern Ireland.
Plan 2
Most Common2012-2023 Loans
For students who started undergraduate courses in England or Wales between September 2012 and July 2023.
Plan 4
Scottish Loans
For students who received funding from the Student Awards Agency Scotland (SAAS) from 1998 onwards.
Plan 5
New2023+ Loans
For students who started undergraduate courses in England from August 2023 onwards.
Postgraduate
Masters & Doctoral
For postgraduate Master's and Doctoral loan recipients in England and Wales.
Quick Plan Comparison
| Plan | Threshold | Rate | Interest | Write-off |
|---|---|---|---|---|
| Plan 1 Pre-2012 Loans | £26,065 | 9% | 3.2% (lower of RPI or Base Rate + 1%) | 25 years |
| Plan 2 2012-2023 Loans | £28,470 | 9% | RPI to RPI + 3% (income-based) | 30 years |
| Plan 4 Scottish Loans | £32,745 | 9% | 3.2% (lower of RPI or Base Rate + 1%) | 30 years |
| Plan 5 2023+ Loans | £25,000 | 9% | RPI only (no additional percentage) | 40 years |
| Postgraduate Masters & Doctoral | £21,000 | 6% | RPI + 3% (currently ~6.2%) | 30 years |