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Students: Loans

Department for Education written question – answered on 27th June 2018.

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Photo of Jim Shannon Jim Shannon Shadow DUP Spokesperson (Human Rights), Shadow DUP Spokesperson (Health)

To ask the Secretary of State for Education, what assistance his Department gives to people just above the threshold for repayment of their student loans.

Photo of Sam Gyimah Sam Gyimah Minister of State (Business, Energy and Industrial Strategy) (Higher Education), Minister of State (Education)

Borrowers earning just above the repayment threshold will make relatively small repayments as the repayment amount is based on paying 9% (for Plan 1 and Plan 2 loans) or 6% (for Post-graduate loans) of income above the repayment threshold. The repayment thresholds are currently £18,330 for Plan 1 loans, £25,000 for Plan 2 loans, £21,000 post graduate loans. For example a borrower with a Plan 2 loan with an income of £26,000 a year, will pay £90 per year (or £7.50 per month). Borrowers earning below the repayment threshold pay nothing at all.

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