Regulation 21AA Higher interest threshold for plan 2 loansF1

(1)

For a domestic borrower, the higher interest threshold is—

(a)

£49,130 for the repayment threshold years ending on 5th April 2024 and 5th April 2025, and

(b)

for each repayment threshold year ending on or after 5th April 2026, the amount rounded up to the nearest £5 (if necessary) being the product of—

(i)

the amount of the higher interest threshold for the previous repayment threshold year, and

(ii)

the repayment threshold variable.

(2)

For an overseas borrower, the higher interest threshold is the amount rounded up to the nearest £5 (if necessary) being the product of—

(a)

the higher interest threshold for a domestic borrower, and

(b)

the country-specific multiplier for the overseas borrower’s country of residence.

Annotations

F1: Regs. 21AA, 21AB inserted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 26

F1: Pt. 2 heading substituted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 12