Updated interest rates and repayment thresholds for student loans announced
The latest annual update to Student Loan interest rates was made last week by the Department for Education.
Different rates and thresholds apply depending on the type of student loan, the new rates for which will apply from 1st September 2024 to 31 August 2025.
Anyone running a payroll, or having one run externally on their behalf should check the new rates and criteria before they receive queries from staff with student loans who see a resulting change in their September deductions.
You can see all of the new details and the full announcement here.
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