Best Student Loan Repayment Calculator UK Estimate your Student Debt £
This UK student loan repayment calculator offers a straightforward way for students to understand the actual cost £ of repaying their study debt. Designed for clarity and simplicity, it covers Plan 1, Plan 2, Plan 4, and Plan 5 loans, helping students see exactly what they owe and how long it will take to repay. By entering a few basic details, students can quickly calculate their expected monthly repayments, giving them a clear view of their financial future. Whether you’re a new graduate, postgraduate or already repaying, this tool provides valuable insights to make managing student loan debt easier and less overwhelming.
Enter your student loan details below to get a real-time debt payoff cost calculation.
Key Information:
Understanding Your Student Loan
Your student loan repayments are automatically deducted from your salary when you earn above the threshold for your loan type. The amount you repay depends on your income, not the amount you borrowed. After 30 years (or 40 years for Plan 5), any remaining loan is written off, regardless of the amount.
When do you start repaying?
You’ll start repaying your loan the April after you graduate and only when your income is above the repayment threshold for your loan type.
How is interest calculated?
Interest rates vary depending on your loan plan and income level. They’re based on the Retail Price Index (RPI) plus a percentage that varies between loan plans.
Please Note: This calculator does not constitute financial advice.
How to Use this Student Loan Repayment Calculator
Using our student debt repayment calculator is simple:
- Enter your annual salary as describe in image below.
2. Select your Loan Plan type as shown in image below.
3. Enter your loan amount in the total loan amount section as seen in the image below
4. Now click on calculate repayments button to see your repayment summary
This Infograph’s show’s how easy to use of this student loan repayment calculator:
A Newcastle graduate on Plan 2 earning £30,000 sees £132 annual repayments, while a £50,000 earner pays £1,947. The calculator’s graphs make trends clear.
Those student who are enrolled in various parts of UK’s colleges and university in different programs from England, Scotland, Wales, Northern Ireland and have taken a student loan, can use this student loan repayment calculator, this student loan calculation tool simplifies the process of calculating your student loan repayments.
Student loan repayment calculator is very useful If you have taken out a student loan to cover your tuition fees or living expenses this student loan repayment calculator will helps you to easily estimate pay off cost how much you will need to repay based on factors such as your income threshold, repayment plan and loan type.
How Student Loan Repayments Work in the UK
Student loans in the UK are income-contingent. This means you only repay your loan when your income exceeds a specific threshold, and the amount you repay is a percentage of the income above that threshold. The type of repayment plan you are on depends on when and where you studied.
Loan Plan Types
| Plan | Applies To | Repayment Rate | Threshold (2025) | Interest Rate |
|---|---|---|---|---|
| Plan 1 | England/Wales pre-2012 | 9% | £24,990 | RPI + 1% |
| Plan 2 | England/Wales 2012-2023 | 9% | £27,295 | RPI + up to 3% |
| Plan 4 | Scotland students | 9% | £27,660 | RPI |
| Plan 5 | England from Sept 2023 | 9% | £25,000 | RPI |
| Postgraduate | All postgraduate UK | 6% | £21,000 | RPI |
You may be on more than one plan if you have both undergraduate and postgraduate loans. In that case, your repayment is split accordingly.
Student Debt Repayment Calculator
Use the calculator above to estimate your annual and total student loan repayments.
Following input can be generated with this student debt repayment calculator:
- Loan type: Plan 1, 2, 4, 5, or Postgraduate
- Graduation year
- Initial student loan balance
- Current annual salary (pre-tax)
- Expected salary growth rate
- Inflation rate
- Interest rate assumptions (if known)
This calculator is for estimation purposes only. Actual repayment amounts may vary based on government policy changes, income changes, and interest fluctuations.
Understanding Your Results
Once you input your details, the calculator will show:
Annual Repayments
You will see how much you are expected to repay each year. This amount is based on your income above the threshold multiplied by the applicable percentage.
Total Repayment Over Time
This includes a projection of how much you will repay over the life of the loan, assuming steady income growth and interest accumulation.
Time Until Loan Is Repaid or Written Off
Depending on your earnings and plan type, loans are written off after a set number of years:
- Plan 1: 25 years after April you were first due to repay
- Plan 2: 30 years after April you were first due to repay
- Plan 4: 30 years after April you were first due to repay
- Plan 5: 40 years after April you were first due to repay
- Postgraduate: 30 years after April you were first due to repay
Should You Repay Early?
Pros:
- Reduces total interest paid over time
- Frees you from long-term debt
Cons:
- Loan may be written off before full repayment
- Overpaying might not offer financial advantage unless you’re a high earner
Tip: Martin Lewis from MoneySavingExpert offers great insights on whether early repayment is worth it: Read the guide
Example Scenarios
Scenario 1: Graduate on Plan 2
- Salary: £30,000
- Balance: £25,000
- Salary growth: 3% per year
First year repayment: £30,000 – £27,295 = £2,705 over threshold 9% of £2,705 = £243.45 annually (~£20/month)
Scenario 2: Graduate on Plan 5
- Salary: £45,000
- Balance: £60,000
First year repayment: £45,000 – £25,000 = £20,000 over threshold 9% of £20,000 = £1,800 annually (~£150/month)
FAQs
How is student loan repayment calculated in the UK?
It’s 9% (or 6% for postgrad) of earnings above a threshold based on your loan plan.
Do I repay my loan if I’m unemployed or earn below the threshold?
No. Repayments only occur when income exceeds the threshold.
Can I have more than one loan plan?
Yes. Payments are split between plans based on how much you earn.
Does interest accrue while I’m not working?
Yes. Interest is applied regardless of employment status.
Can I move abroad and avoid repaying?
No. You’ll still need to repay, and must inform the Student Loans Company.
When is my loan written off?
It depends on the plan:
- Plan 1: After 25 years
- Plan 2: After 30 years
- Plan 5: After 40 years
Can I use the calculator for loans from different countries?
You can’t directly use the calculator for international loans without considering currency conversion. Different loan terms, repayment options, and eligibility criteria across countries can greatly affect your calculations, so it’s essential to assess those factors first.
How Often Should I Update My Salary Information in the Calculator?
You should update your salary information regularly to reflect significant income changes, ideally at least annually. Frequent salary updates enhance calculator accuracy, ensuring effective financial planning and adapting repayment strategies to your evolving financial situation.
Is there a mobile app version of the student loan calculator?
You’ll want to check for a mobile app version, which typically includes user-friendly interface design, offline access options, and robust app security measures. Be mindful of potential app compatibility issues across devices for optimal use.
What Happens if I Miss a Loan Repayment?
If you miss a loan repayment, you’ll face consequences such as late fees and an impact on your credit score. It’s essential to communicate with your loan servicer to explore repayment options and mitigate long-term financial effects from missed payments.
Are There Any Charges Associated With Using the Calculator?
When using the calculator, you won’t encounter any calculator fees or hidden costs. Its user experience focuses on providing comparison tools that enhance your financial planning, allowing for informed decisions without unexpected expenses.
Understanding your student loan repayments can help you plan better for your financial future. Use the calculator to run scenarios, estimate long-term costs, and assess whether early repayment makes sense for your income trajectory.
We have also published blog posts on Plan and Mange your loans effectively , Best Student Loan Repayment Calculator & Calculate Repayment Student Loan read these blogs to get more insights on student loans & this free to use loan payoff estimator calculator.
Always consult official government resources and trusted financial advice before making major financial decisions.
Resources
MoneySavingExpert Student Loan Guide