You repay
£79.61a month
A year
£955.35
A week
£18.37
You repay 9% of what you earn over £29,385, the Plan 2 threshold for 2026/27.
Below the thresholdRepaid on
Every plan at £40,000
| Plan | Threshold | Rate | A year | A month |
|---|---|---|---|---|
| Plan 1 | £26,900 | 9% | £1,179.00 | £98.25 |
| Plan 2 | £29,385 | 9% | £955.35 | £79.61 |
| Plan 4 | £33,795 | 9% | £558.45 | £46.54 |
| Plan 5 | £25,000 | 9% | £1,350.00 | £112.50 |
| Postgraduate | £21,000 | 6% | £1,140.00 | £95.00 |
Quick answers
Which plan am I on?
It depends on where and when you started. England: Plan 1 before 1 September 2012, Plan 2 from then to 31 July 2023, Plan 5 from 1 August 2023. Wales: Plan 1 before 1 September 2012, Plan 2 after. Scotland: Plan 4. Northern Ireland: Plan 1. Master's and doctoral loans: Postgraduate.
How much do I repay on £40,000?
On Plan 2, £955.35 a year, or £79.61 a month: 9% of the £10,615 you earn over £29,385.
Does this show when my loan is paid off?
No. It shows what comes out of your pay this tax year. When the loan is cleared depends on your balance and interest, which you can see in your Student Loans Company account.
Sources: GOV.UK, repaying your student loan; HMRC rates and thresholds for employers 2026 to 2027. Checked 31 Oct 2026.