The Department for Education released the latest annual update to Student Loan interest rates last week. Different rates and thresholds will apply depending on the type of student loan, with the new rates effective from 1 September 2024 to 31 August 2025.

Payroll managers may want to take note of these changes, as staff with student loans may notice a difference in their deductions in their September pay packet and could raise queries.

For full details of the rates, visit: Student Loans Interest Rates and Repayment Threshold Announcement