Student Loan Plan Thresholds April 2019
HMRC have announced the increase in Student Loan Plan 1 and Plan 2 thresholds from 6 April 2019 and Postgraduate Loans (PGL).
The thresholds of Plan 1 and Plan 2 Student Loans are increasing from April 2019.
The current thresholds for the tax year 2018-19 are:
• Plan 1 – £18,330
• Plan 2 – £25,000.
The Department for Education (DfE) has confirmed that from 6 April 2019 the thresholds will increase to:
• Plan 1 – £18,935
• Plan 2 – £25,725.
Student loan deductions will remain the same at 9% for Plan 1 and Plan 2 loans.
The DfE has launched a new student loan product known as PGL. The earliest repayment of PGL can start is April 2019.
DfE has confirmed the student loan threshold for PGL for England and Wales will be £21,000, with deductions being taken at 6%.
