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The student loans system is changing for English students starting university or higher education in 2023. On the surface it looks like a tweak, in practice the new 'Plan 5' loans will increase the cost by over 50% for many typical graduates and double it for a few.
The loan gets wiped after 30 (ish) years so you may not have to pay it back. The good news is that all student loans have an expiry date. For most plan 4 students, this is after 30 years – though the exact end date depends on when you took out your loan.
Jun 9, 2023 · Student Finance England is bringing in a new student loan repayment plan called “Plan 5” this year. It applies to new uni students and postgraduates starting after 1 August 2023. It only applies to students in England who are studying at a “recognised” institute doing a “recognised” course.
- If you applied to Student Finance England
- If you applied to Student Finance Wales
- If you applied to Student Awards Agency Scotland
- If you applied to Student Finance Northern Ireland
- If you think you’re on the wrong plan
If you started your course on or after 1 August 2023
You’ll be on Plan 5 if: you’re studying an undergraduate course you’re studying a Postgraduate Certificate of Education (PGCE) you take out an Advanced Learner Loan You’ll be on a Postgraduate Loan plan if you’re studying a postgraduate master’s or doctoral course. You’ll be on Plan 2 if you take out a Higher Education Short Course Loan.
If you started your course between 1 September 2012 and 31 July 2023
You’ll be on Plan 2 if: you’re studying an undergraduate course you’re studying a Postgraduate Certificate of Education (PGCE) you take out an Advanced Learner Loan you take out a Higher Education Short Course Loan You’ll be on a Postgraduate Loan plan if you’re studying a postgraduate master’s or doctoral course.
If you started your course before 1 September 2012
You’re on Plan 1.
If you started your course on or after 1 September 2012
You’re on: Plan 2 if you studied an undergraduate course or a Postgraduate Certificate of Education (PGCE) a Postgraduate Loan plan if you studied a postgraduate master’s or doctoral course
If you started your course before 1 September 2012
You’re on Plan 1.
You’re on Plan 4, whether you studied an undergraduate course or a postgraduate course.
You’re on Plan 1, whether you studied an undergraduate course or a postgraduate course.
Check which plan you’re on by signing in to your online account and downloading your ‘active plan type letter’. Then ask your employer which plan they have you on.
If it’s different from the plan in your letter, show this to your employer so they can update your payroll details. You can get a refund if you paid back too much of your loan because you were on the wrong plan type.
Sep 5, 2024 · Student Finance. Student Loan repayment guide 2024. by Ruth Bushi in Student Finance. Updated by Laura Brown. 5 September 2024. Share. Tweet. Your Student Loan is probably the biggest amount of money you've borrowed in your life so far. But do you fully understand the Student Loan repayment terms?
- There have been a few appeals to the government to label Student Loans and the debt as something more like a graduate tax. The truth is that the ma...
- Interest starts accumulating from the day you take out your loan (so yes, even while you're studying) and carries on building until the day you cle...
- There are no fees for taking out a Student Loan, but penalty charges will kick in if you try to avoid paying what you owe. The idea that you can di...
- We can't stress it enough: very few students will ever pay back the full amount that they owe – especially if you have a Plan 2 loan. If there's ev...
You have a Plan 2 student loan if you’re English and started university between 2012 and 2022. In this guide, we bust the most common myths about how these student loans work.
People also ask
Are student loans for new undergraduate students changing?
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Aug 1, 2023 · The new terms will apply to students taking out a student loan to pay for undergraduate courses that start in September 2023, but students won’t be expected to start paying them back...
