Information checked on November 13, 2026 at 1:14 PM London time (GMT, UTC+00:00). Figures refer to the UK tax year or academic year specified, not to a single set of rules for every student in the United Kingdom.
UK student loan borrowers have new repayment figures to plan around. On November 12, 2026, the Student Loans Company confirmed that Plan 2's annual earnings threshold will remain £29,385 from April 6, 2027 to April 5, 2028, while Plan 5's threshold in England will increase to £26,025. The postgraduate loan threshold covered by the announcement will remain £21,000. These are figures for the next tax year; they should not be confused with the thresholds applying to payslips in November 2026. See the Student Loans Company announcement of November 12, 2026.
For anyone considering university, the basic principle is straightforward: eligible students may borrow toward tuition and living costs, then repay according to earnings above a threshold rather than a fixed monthly installment calculated from their debt. But the amount available, repayment plan, interest, and eventual loan cancellation rules depend on where a student ordinarily lives, their course and when it started.
The November 12 announcement addresses a key question for graduates planning their budgets. Plan 2 borrowers, who generally include students funded in England who began undergraduate courses from September 2012 through July 2023 and many undergraduate borrowers in Wales, will continue to have a £29,385 annual repayment threshold in 2027–28. The higher income threshold used in calculating their interest also remains £52,885. England's Plan 5 threshold will rise from £25,000 in 2026–27 to £26,025 in 2027–28. The postgraduate loan threshold stated in the announcement stays at £21,000.
A frozen threshold can mean larger repayments if
There are two main sources of borrowing for an eligible undergraduate. A Tuition Fee Loan covers some or all of the fees charged by the university or college and is normally paid straight to the institution. A Maintenance Loan helps with rent, food, transport, study materials and other living costs and is normally paid to the student, typically in installments during the academic year. Borrowed funds must be repaid under the relevant rules; grants, scholarships and bursaries generally are not repayable unless they have been overpaid or their particular terms require repayment.
The finance system is not one-size-fits-all. Student Finance England, Student Finance Wales, the Student Awards Agency Scotland (SAAS), and Student Finance Northern Ireland each operate under their own support arrangements. Ordinarily, a student's home nation helps determine which body they apply to; simply attending a university elsewhere in the UK does not automatically switch them into that nation's funding system.
For new eligible full-time undergraduates supported by Student Finance England, the standard tuition fee loan ceiling is £9,790 in the 2026–27 academic year, up from £9,535 in 2025–26. Accelerated degrees, foundation years, different provider categories and part-time study can have different limits. The maximum maintenance loan for an eligible new full-time student aged under 60 who is not in a category with special benefits-related support is £9,118 when living with parents; £10,830 when living away from home outside London; and £14,135 when living away from home in London. Actual awards may be lower depending on household income and circumstances. These figures come from the Student Finance England guidance for new full-time students.
Wales: Eligible full-time undergraduates can generally access both a maintenance grant and a maintenance loan for living costs, with the grant element linked to household income, alongside a tuition fee loan. That mixture differs from the usual England undergraduate arrangements. Check the Welsh Government undergraduate support overview and the student's award letter for exact amounts.
Scotland: SAAS generally pays tuition fees for eligible Scottish-domiciled students on qualifying full-time undergraduate courses at Scottish institutions. Eligible students can separately receive bursaries or loans for living costs; the support depends on their residency, course and circumstances. Students who move elsewhere in the UK to study can face different tuition-fee support arrangements. The Scottish Government student support overview explains the broad framework.
Northern Ireland: In 2026–27, eligible full-time students from Northern Ireland may obtain up to £4,985 in tuition fee loans for courses at public universities and colleges in Northern Ireland, or up to £9,790 at public institutions elsewhere in the UK. Private-institution limits differ. Northern Ireland also provides maintenance loans and, for some qualifying students, grants. See the Northern Ireland government student loan guidance and Student Finance NI’s 2026–27 fee loan figures.
The table below shows annual gross-income thresholds for April 6, 2026 through April 5, 2027, confirmed by HMRC repayment thresholds for 2026–27. The 2027–28 changes announced on November 12 are not yet in force.
| Loan plan | 2026–27 annual threshold | Repayment rate above threshold |
|---|---|---|
| Plan 1 | £26,900 | 9% |
| Plan 2 | £29,385 | 9% |
| Plan 4 | £33,795 | 9% |
| Plan 5 | £25,000 | 9% |
| Postgraduate Loan | £21,000 | 6% |
Generally, Plan 1 applies to older undergraduate loans and Northern Ireland borrowers; Plan 2 applies to many England and Wales undergraduate borrowers with relevant older start dates; Plan 4 covers students who borrowed through SAAS; and Plan 5 applies to most England undergraduate students who began courses on or after August 1, 2023. Postgraduate borrowing has distinct repayment arrangements. The official repayment plan checker guidance explains which plan applies and how to verify it in your online account. Borrowers cannot normally choose their plan.
Consider an employee on Plan 2 with a steady annual salary of £35,000. Subtract the 2026–27 threshold of £29,385 to get £5,615 above the threshold. Nine percent of £5,615 is £505.35 a year, or approximately £42.11 a month before payroll rounding, assuming pay is evenly distributed and no other relevant complications. A Plan 5 borrower on the same salary has £10,000 above the current £25,000 threshold, implying £900 annually, or roughly £75 monthly. Neither person repays 9% of the full £35,000.
Actual payroll deductions use weekly or monthly thresholds and may vary when a bonus, overtime or irregular payments push income above that pay period's threshold. Two people with the same annual income can therefore see different deductions during the year. See the government guide to repayment amounts and interest for the official calculation rules.
The earliest normal repayment date is the April after someone leaves or finishes their course, and they only make deductions when their income exceeds their plan's applicable threshold. Plan 5 undergraduate borrowers who began courses in 2023 are not required to start repayments before April 2026. For most employed people, deductions are taken automatically through payroll, alongside tax and National Insurance. The self-employed and some other taxpayers report relevant earnings through Self Assessment. Someone working or living abroad may need to contact the Student Loans Company, declare overseas income and repay under country-specific thresholds rather than assuming UK payroll deductions apply. See the official guidance on when student loan repayments begin and how repayments are collected.
When a person's income falls below the threshold or they stop working, income-contingent payroll repayments normally stop. If deductions were made in some pay periods but their total annual earnings are below the relevant annual threshold, they may qualify to request a refund. An overpayment of student finance is different: the Student Loans Company may require excess funds to be repaid separately.
Interest is added to outstanding student loan balances, including while students study and during periods when their earnings are too low for repayments. But under ordinary income-contingent rules, monthly deductions depend chiefly on the borrower's income, repayment plan and threshold—not directly on the amount still outstanding. A larger balance can mean the loan takes longer to clear or more remains at the cancellation date.
Interest rules vary. Plan 5 interest is normally linked to the Retail Price Index (RPI); Plan 2 can use RPI plus an income-dependent addition, subject to applicable caps. Plan 1, Plan 4 and postgraduate loan arrangements differ. For the 2026–27 year, a 6% cap applies to relevant Plan 2 and postgraduate interest rates. Interest rates can change, so check the 2026–27 student loan terms and conditions and government guide to repayment amounts and interest rather than assuming a rate applies throughout the life of a loan.
Yes, many UK income-contingent loans are canceled after a plan-specific period, provided the borrower has complied with repayment obligations. For example, Plan 2 balances are normally canceled 30 years after repayment eligibility begins, while Plan 5 balances are normally canceled after 40 years. Some Plan 1 and other loan types follow different dates and conditions. Cancellation is not the same as being able to ignore income reporting or repayment obligations before that date. Check the loan contract and 2026–27 student loan terms and conditions for the precise conditions.
There is usually no penalty for making voluntary extra repayments. However, borrowers who are unlikely to clear their balance before cancellation should carefully consider whether paying extra will improve their overall finances, because it may not reduce required income-based deductions. They should also weigh any emergency savings or higher-cost debts they have. UK student loans do not appear on normal credit reports, although lenders can consider monthly deductions in mortgage affordability calculations.
Prospective students should verify their funding authority, course eligibility, tuition fee amount, likely maintenance award and expected living costs before accepting an offer. For England, the eligibility rules for England and Student Finance England application service provide official starting points. If a course in England starts on or after January 1, 2027, separate Lifelong Learning Entitlement student finance guidance applies to most eligible courses, including a credit-based framework; do not automatically assume the application process for earlier courses applies unchanged.
Graduates should check their loan plan in their Student Loans Company account, compare their payslips with the correct tax-year threshold and watch for official annual changes. The November 12 announcement gives confirmed figures for some 2027–28 plans, but not every UK borrowing category. Any future changes beyond published government guidance remain uncertain; students should budget from confirmed figures and review their awards when issued.
No. Standard government-backed student loans have income-contingent repayment rules: deductions generally start only when earnings exceed a plan-specific threshold, although interest accrues and the loan remains subject to legal repayment conditions.
Normally not through income-contingent repayments. Repayments stop when earnings fall below the relevant threshold, but existing balances can continue accruing interest, and any separate loan overpayment obligations may still apply.
Yes. The Student Loans Company has announced a Plan 5 annual repayment threshold of £26,025 from April 6, 2027, compared with £25,000 in the 2026–27 tax year. Actual deductions still depend on earnings and the applicable pay period.
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