The thresholds and rates from 6 April 2020 are:
• Student Loan Plan 1 – £19390
• Student Loan Plan 2 – £26,575.
Plan 1 and Plan 2 repayments are calculated at 9% of the income above the threshold.
• Postgraduate Loan – £21,000.
Postgraduate Loan repayments are calculated at 6% of the income above the threshold.
Remember to check and operate the correct plan and loan type for your employee.
Your employee may be liable to repay a Plan 1 or Plan 2 loan at the same time as a Postgraduate Loan. If so, they’ll be due to repay 15% of the amount they earn over the thresholds