- 9% of amount you get over the threshold having agreements 1, 2 and you may cuatro
- 6% of amount you earn across the tolerance towards the Postgraduate Mortgage
Package step one
You will be paid back monthly and your earnings change per month. This few days your income is ?2,000, that is across the Bundle step 1 month-to-month endurance of ?step one,682.
Your income try ?318 along side threshold (?dos,100000 without ?1,682). You will pay-off ?twenty eight (9% from ?318) so it week.
Your own annual money is ?twenty-seven,100 and you are clearly reduced a normal monthly wage. Consequently monthly your income was ?2,250 (?27,one hundred thousand divided of the twelve). This is across the Bundle step 1 monthly threshold from ?1,682.
Your income was ?568 over the tolerance (?dos,250 minus ?1,682). You will pay back ?51 (9% out-of ?568) per month.
Attract towards Package step one
Your currently spend attention of just one.5% into the Bundle step 1. You will discover the interest is calculated and you will interest costs getting prior ages.
Plan 2
Brand new thresholds try ?524 per week or ?2,274 thirty days (in advance of income tax and other deductions). It change on the six April every year.
You will be paid weekly along with your income alter weekly. Recently your revenue try ?600, that’s over the Plan 2 weekly endurance away from ?524.
Your revenue are ?76 along the threshold (?600 without ?524). You will repay ?6 (9% out-of ?76) recently.
The annual earnings try ?twenty eight,800 and you’re paid down a typical monthly salary. Thus monthly your earnings is actually ?2,400 (?twenty-eight,800 split up from the a dozen).