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.
