What does Student loan (Plan 5) mean?

The loan system for new university students in England. You repay 9% of your income over £25,000 a year, and anything left is written off after 40 years. Apprentices don't need one, because they don't pay tuition fees.

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Guide Apprenticeship vs university An honest side-by-side of an apprenticeship and a university degree in England: cost, debt, pay, qualifications and what each one suits, with the real numbers. Applies to: England

Definitions are our own plain-English summaries. Where we give figures, they come from the official sources listed on the linked guide or profile. Rules can change, so check the official source before you make decisions.