From the 7 April 2020, the interest rate applied to all Plan 1 Income Contingent Repayment (ICR) student loans will reduce from 1.75% to 1.1%.
The Department for Education has confirmed the change following the decrease to the Bank of England base interest rate from 0.25% to 0.1% on 19 March 2020.
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 £18,935 (increasing to £19,390 on 6 April 2020).
For more information on repaying your loan visit: Repaying your student loan
- March 26, 2020 at 9:13 pm by Editor (displayed above)
- March 26, 2020 at 9:13 pm by Editor