Overall repayments

The total money produced in the declaration months shall be 9% of your money over the threshold appropriate at the time.

Away from sixth , the fresh installment endurance to possess Plan cuatro finance are ?twenty five,375, therefore you’ll be able to only build money to your everything you secure over you to.

In the last economic year, the newest tolerance was ?25,one hundred thousand. not, prior to 6th , Plan 4 financing was in fact section of Package 1, thus was indeed at the mercy of these thresholds and therefore altered every year.

Thus, if you are searching in the a repayment declaration detailed with any time just before , you’ll need to understand that the fresh new payment tolerance is notably lower than it is now – and you may, as such, money might have knocked inside the after you had been earning way less.

Closure harmony

This is calculated by adding the beginning balance (or, if this is your first statement since graduating, the total amount borrowed) and the eye applied during the statement period, and then deducting the full payments made during the same time.

Obviously, we’ve got blurred from figures right here so we can not run through this type of analogy – you could below are a few our Plan step one and you may Bundle dos statements observe how it operates in practice. Continue reading →