Why the plan type matters
Your student loan "plan" determines your repayment threshold, interest rate, and when the loan is eventually written off — and it's assigned based on when and where you started your course, not something you choose yourself.
The main plan types
| Plan | Broadly applies to |
|---|---|
| Plan 1 | Most English and Welsh students who started before 2012, and some Northern Ireland students |
| Plan 2 | Most English and Welsh students who started between 2012 and 2023 |
| Plan 5 | Most English students starting from academic year 2023/24 onwards |
| Postgraduate Loan | Postgraduate Master's or Doctoral loans, alongside any undergraduate plan |
Scottish and Northern Irish students have their own plan variations with different rules — check your specific plan type on your Student Loans Company account rather than assuming based on general information.
Why it's not a choice
Unlike choosing a mortgage or credit product, your plan type is fixed by the rules in place when you took out the loan — it can't be switched later even if a different plan would now be more favourable to you.
Having more than one plan at once
It's entirely possible to be repaying an undergraduate plan (1, 2 or 5) and a Postgraduate Loan simultaneously if you've studied at both levels — each has its own separate threshold, and deductions are calculated independently before being combined on your payslip.
Checking your own plan
If you're unsure which plan applies to you, your Student Loans Company online account confirms it directly, along with your current balance and repayment history — far more reliable than trying to work it out from general rules alone, given how many exceptions and edge cases exist.
Key takeaways
- Your plan type depends on when and where you started your course, not a personal choice.
- Plan 1, 2, 5 and Postgraduate Loans all have different thresholds and rates.
- You can be repaying more than one plan simultaneously if you've studied at multiple levels.
- Check your specific plan via your Student Loans Company account rather than assuming.