What Is the UK Student Loan Repayment Calculator?
The UK Student Loan Repayment Calculator helps you understand your repayment timeline and find the fastest path to being debt-free. Instead of guessing or spending hours on manual calculations, get accurate results in seconds. Enter your details above and let the calculator do the work.
Understanding the UK System
UK financial regulations include specific thresholds, bands, and allowances that change with each tax year. This calculator reflects current UK rates so your results are accurate and actionable for planning purposes.
UK Student Loan Repayment Calculator
How It Works
This uk student loan repayment calculator uses established formulas to provide accurate results.
The basic rule:
- Monthly repayment = (Salary - Threshold) x 9% / 12 (6% for Postgraduate)
- Plan 1 threshold: £22,015, Plan 2: £27,295, Plan 5: £25,000
- Write-off: Plan 1 after 25 years, Plan 2 after 30 years, Plan 5 after 40 years
- Balance grows by interest rate annually, reduced by repayments
Results are estimates. Consult a professional for critical decisions.
Frequently Asked Questions
What are the student loan repayment thresholds?
For 2024-25: Plan 1 is £22,015, Plan 2 is £27,295, Plan 4 (Scotland) is £27,660, Plan 5 is £25,000, and Postgraduate Loan is £21,000. You only repay on income above these thresholds.
How much do I repay each month?
You repay 9% of income above your plan's threshold (6% for Postgraduate loans). For example, on Plan 2 earning £35,000: 9% of (£35,000 - £27,295) = £693.45/year or about £57.79/month.
When is my student loan written off?
Plan 1: 25 years after first repayment. Plan 2: 30 years. Plan 4: 30 years. Plan 5: 40 years. Postgraduate: 30 years. Any remaining balance is written off and you owe nothing more.
What is the interest rate on student loans?
Plan 1 and 4: lower of RPI or Bank of England base rate + 1%. Plan 2: RPI + up to 3% depending on income (currently capped at 7.3%). Plan 5: RPI only. Postgraduate: RPI + 3%.