https://www.gov.uk/government/publications/payroll-technical-specifications-student-loans/collection-of-student-loans-from-6-april-2024
Student loans issued to students from Scotland (Plan 4 loans) will have their repayment threshold increased from £27,660 to £31,395 from April 2024. That represents up to a £336 reduction in student loan repayments for 2024/25. Obviously as a downside that does mean you’ll be repaying for longer and accrue more interest.
by poutiney
3 comments
The worst financial decision I ever made was taking out a student loan.
Well no, it just means a lot of people aren’t ever going to pay back anywhere near the full amount, if anything at all.
It’s a smart move by the SNP because the UK government covers the cost of loan write offs, not the Scottish government.
Allows them to be more generous without taking any hit to their budget and paint themselves as the good guys.
Say what you will about Nats (and I have) but they can be incredibly politically savvy with policy choices.