ESTIMATEIllustrative estimates for the 2026/27 tax year (6 April 2026 – 5 April 2027) as of 3 November 2026 — not financial advice. Thresholds from GOV.UK; interest rates for 1 September 2026 – 31 August 2027 from the Student Loans Company. Your payslip may differ by a pound or two because payroll rounds each pay period.
Who ends up with two plans?
The most common combinations are an undergraduate loan plus a Postgraduate Loan for a master’s or PhD, and Plan 1 plus Plan 2 for people who studied a first degree before September 2012 and returned for a second course later — often a nursing, teaching or medical degree. Plan 2 plus Plan 5 is possible for people who start a new undergraduate course in England after August 2023. Each loan keeps its own balance, interest rate and write-off date.
Two undergraduate plans: one deduction, shared
According to GOV.UK, if you have more than one undergraduate plan you repay 9% of income over the lowest threshold, and only one deduction is taken each pay period. The amount that goes to the plan with the lowest threshold is capped at 9% of the gap between the two thresholds; anything above that goes to the other plan. In practice, for Plan 1 + Plan 2:
| Salary | Total repaid / year | To Plan 1 | To Plan 2 | Plan 2 alone would be |
|---|
| £28,000 | £99 | £99 | £0 | £0 |
| £32,000 | £459 | £224 | £235 | £235 |
| £40,000 | £1,179 | £224 | £955 | £955 |
| £50,000 | £2,079 | £224 | £1,855 | £1,855 |
| £70,000 | £3,879 | £224 | £3,655 | £3,655 |
Notice that the Plan 2 share is exactly what a Plan 2-only graduate would pay. Having Plan 1 as well adds at most £224 a year — 9% of the £2,485 gap between the thresholds. Once your Plan 1 loan is repaid or written off (25 years after you were first due, or at 65 for pre-2006 loans), the deduction falls back to Plan 2 only.
Undergraduate plus Postgraduate Loan: two deductions
A Postgraduate Loan is never shared. You pay 6% of income above £21,000 for the Postgraduate Loan and, separately, 9% of income above your undergraduate threshold. On £40,000 with Plan 2, that is £94 plus £79 = £173 a month. With Plan 5 instead, it is £206. See Postgraduate Loan repayments for a full table.
Three loans?
It is possible to have Plan 1, Plan 2 and a Postgraduate Loan. The two undergraduate plans share a 9% deduction above the Plan 1 threshold as above, and the Postgraduate Loan adds 6% above £21,000. On £50,000 that is £173 plus £144 a month.
Checking your employer has the right codes
Your employer can operate several student loan plan types for you at once, but only if HMRC or you have told them. If your payslip shows only one plan when you have two undergraduate loans, the total deduction may be lower than it should be — it will be corrected later, which can mean a bigger balance or a bill. If it shows a Postgraduate Loan you don’t have, tell your employer and the Student Loans Company straight away and ask for a refund.
Which loan to overpay, if any
If you decide to make voluntary payments, you can choose which loan they go to. The usual logic is to target the loan most likely to be repaid in full and charging the highest interest — often a Postgraduate Loan at 6% in 2026/27 — rather than a Plan 2 balance that may be written off. Read should I overpay my student loan? first.
FAQ
How do I repay Plan 1 and Plan 2 at the same time?
You make one 9% repayment on income above the Plan 1 threshold (£26,900 in 2026/27). Up to 9% of the gap between the Plan 1 and Plan 2 thresholds goes to Plan 1, and the rest goes to Plan 2.
Do I pay twice if I have two student loans?
Not for two undergraduate plans — they share one deduction. A Postgraduate Loan is an exception: it adds a separate 6% deduction on income above £21,000.
How much do I repay on £40,000 with Plan 2 and a Postgraduate Loan?
About £173 a month in 2026/27: £79 for Plan 2 and £94 for the Postgraduate Loan.
Does having Plan 1 and Plan 2 cost more than Plan 2 alone?
Slightly. The extra is at most 9% of the gap between the thresholds — £224 a year in 2026/27 — which goes to the Plan 1 loan.
Can I choose which loan my overpayment goes to?
Yes. When you make a voluntary repayment through the Student Loans Company you can direct it to a specific loan.
Related student loan articles
How to get a student loan refundBonus months, low earners and overpayingStudent loan thresholds 2026/27Every plan, per year, month and weekWhich student loan plan am I on?Plan 1, 2, 4, 5 or PostgraduatePlan 2 vs Plan 5 explainedThresholds, interest and lifetime costShould I overpay my student loan?When overpaying saves money — and when it doesn’tHow student loan interest is calculatedRPI, the Plan 2 sliding scale and the 6% capStudent loan repayments if self-employedSelf Assessment, 31 January and mixed incomeStudent loan on £32,000Plan 2 £19/mo · Plan 5 £52/moStudent loan on £50,000Plan 2 £154/mo · Plan 5 £187/moStudent loan repayment calculatorAll plans, any salary
Sources
- GOV.UK, Repaying your student loan – what you pay: 2026/27 thresholds Plan 1 £26,900, Plan 2 £29,385, Plan 4 £33,795, Plan 5 £25,000, Postgraduate Loan £21,000; 9% (6% for PGL) of income above the threshold; rules for more than one plan (read 3 November 2026).
- Student Loans Company / Department for Education, Student loans interest rates and repayment threshold announcement, 10 August 2026: RPI 4.1%; Plan 1 4.1%; Plan 2 4.1%–7.1% capped at 6%; Plan 3 (Postgraduate) capped at 6%; Plan 5 4.1% (1 Sep 2026 – 31 Aug 2027); Plan 1 threshold £28,005 from 6 April 2027.
- Department for Education press release, Interest rate cap introduced to protect Plan 2 borrowers, 7 April 2026, and written ministerial statement of 13 April 2026: 6% cap for 2026/27; Plan 2 upper interest threshold £52,885 from 6 April 2026.
- Autumn Budget 2025 (26 November 2025): Plan 2 repayment threshold frozen at £29,385 for 2027/28 to 2029/30 (reported by Which?, 5 December 2025).
- Take-home pay: HMRC 2026/27 income tax and National Insurance for England, Wales and Northern Ireland (personal allowance £12,570, 8%/2% employee NI), as used on our UK salary after tax pages.