Understanding Plan 5 Loan for 2nd UG loan for MSc degree

To whom this regards.

I took out an UG loan for three years for my B400 Nutrition (Hons) BSc course at the university of Leeds from the years 2020 - 2023. This was a plan 2 UG loan


I am doing a postgraduate MSc in Dietetics at University College London (UCL) for two years and taking a 2nd undergraduate loan through SFE as this degree title falls under healthcare and therefore attracts undergraduate funding. Now with Plan 5 UG loans coming into place I was wondering what plan of loan I will be on as this course is starting September 2023.

Would my first loan be Plan 2 and my second loan be Plan 5? Will my first Plan 2 loan become a plan 5 loan? Or will my 2nd UG degree be a plan 2 loan not a plan 5 loan as I had started getting my UG funding from 2020 and this is an extension from then on, even though I am starting a new course?

Will my threshold still be £27,250 or will it be £25,000 from now on? Will my loan still be wiped in 30 years or is it now going to be wiped in 40 years? Is some of my loan going to be wiped after 30 years and the remainder going to be wiped 10 years after? I don't understand how I can be on two plans at the same time for tax reasons, as different interest rates apply, and how does this work on tax forms?


If this could be cleared up for me it would be much appreciated.