Change to Plan 1 Interest Rates

From the 1st December 2017, the interest rate applied to all Plan 1 Income Contingent Repayment (ICR) student loans will rise from 1.25% to 1.5%.

03 November 2017

The Department for Education has confirmed the change following the increase to the Bank of England base interest rate from 0.25% to 0.50% on 2nd November 2017.

Plan 1 borrowers will continue to repay 9% of their earnings over the repayment threshold.The repayment threshold for Plan 1 ICR loans remains at £17, 775.

Plan 1 ICR loans, are those loans taken out for a course starting before the 1st September 2012 (England and Wales) or if the loan was provided by Student Finance Northern Ireland (SFNI) or the Student Awards Agency Scotland (SAAS).