The Department for Education has confirmed the Student Loan thresholds for Plan Type 1 and 2 to be operated from 6th April 2024.
From 6 April 2024, the repayment threshold for pre-2012 (Plan 1) loans will rise to £24,990.
The income threshold for post-2012 (Plan 2) from April 2024 will remain frozen at £27,295 as expected.
The income thresholds for Postgraduate Masters and Doctoral Loans to apply from April 2024 is yet to be announced but may continue to be frozen at £21,000. Originally it was indicated that this threshold would remain at £21,000, but with the increase to the plan 1 threshold, this is subject to further review and announcement.
The details on the Scottish plan type 4 for April 2024 is waiting to be confirmed by the Scottish government.
It has also been indicated that the new Plan 5 loan threshold will be £25,000 and deductions will commence from April 2026. So the current rate indicated in the table below is is set to zero until the deductions become applicable.
The full news story can be found at:
PAYadvice.UK 23/8/2023
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