The Department for Business, Innovation and Skills has confirmed that from 6 April 2015, the Student Loan threshold will rise by 2.5% to £17,335. The current threshold for 2014/15 is £16,910.
On a ‘per pay period’ basis, the £17,335 threshold for 2015/16 can be estimated as follows:
- £333.67 weekly
- £1,444.58 monthly
This new threshold will apply to all current borrowers for whom employers make Student Loan deductions.
BrightPay 15/16 will automatically calculate and apply the appropriate student loan deduction as per the new 15/16 Student Loan Deduction Tables.