The ICR loan scheme has been separated into different repayment arrangements called Plans 1, 2 and 3
Some aspects of the student loan system are based on tax years (the 12-month period starting on 6 April), but as a simplification the student loan models assume that this is the same as the equivalent financial year.
While they operate in a similar manner, they differ in some ways such as the repayment thresholds, interest rates and the length of borrowers' repayment terms.
Plan
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