When you yourself have Plan step 1 and you can Bundle 2 money

When you yourself have Plan step 1 and you can Bundle 2 money

  • 9% of the count you get across the endurance for arrangements step one, dos and 4
  • 6% of the matter you get along side threshold into the Postgraduate Loan

Package step one

You’re paid back monthly plus income changes monthly. That it day your income is actually ?dos,000, that’s over the Package step 1 month-to-month tolerance off ?step 1,657.

Your income is ?343 along side tolerance (?2,one hundred thousand minus ?1,657). You’ll pay back ?31 (9% away from ?343) that it few days.

Your yearly money is ?27,100000 and you are reduced a regular month-to-month salary. This is why monthly your income are ?dos,250 (?27,100 split from the a dozen). This really is across the Bundle step 1 month-to-month threshold from ?step one,657.

Your earnings try ?593 along side endurance (?2,250 minus ?step one,657). You will repay ?53 (9% away from ?593) every month.

Interest to your Package step 1

Your currently shell out desire of 1.25% with the Package step one. You will discover the interest rates are calculated and you may appeal cost having earlier in the day age.

Plan dos

The latest thresholds is ?524 weekly or ?2,274 1 month (before tax and other write-offs). They alter on 6 April from year to year.

You will be paid back each week as well as your money changes weekly. Recently your income was ?600, that is along side Plan 2 each week endurance regarding ?524.

Your income is ?76 over the tolerance (?600 without ?524). You are going to pay-off ?six (9% out of ?76) this week.

Your yearly income is actually ?28,800 and you’re paid a frequent monthly salary. Continue reading “When you yourself have Plan step 1 and you can Bundle 2 money”