Our UK student loan calculator helps you estimate your monthly and annual repayments for Plan 1 and Plan 2 student loans. Follow these steps to get accurate results:
Step 1: Select Your Student Loan Plan
Plan 1 Student Loans
- Eligibility: Started university before 2012 (England) or any time (Scotland, Wales, Northern Ireland)
- Repayment Threshold: £22,015 (2024/25)
- Write-off Period: 25 years after graduation
- Interest Rate: RPI (currently around 1.5%)
Plan 2 Student Loans
- Eligibility: Started university from 2012 onwards (England)
- Repayment Threshold: £27,295 (2024/25)
- Write-off Period: 30 years after graduation
- Interest Rate: RPI + up to 3% (varies by income)
Step 2: Enter Basic Loan Information
Outstanding Loan Balance
- Enter your current outstanding balance from the Student Loans Company
- Check your balance at gov.uk
- Include both tuition fee and maintenance loans
- This is the amount you still owe, not the original amount borrowed
Interest Rate
- Plan 1: Usually RPI (Retail Price Index)
- Plan 2: RPI + up to 3% depending on income
- Current rates are available on the Student Loans Company website
- Rates are updated annually in September
Step 3: Enter Income Information
Annual Income
- Your current annual income before tax
- Include salary, bonuses, and other employment income
- For self-employed, use your net profit
- This determines your repayment amount
Repayment Threshold
- Plan 1: £22,015 (automatically set)
- Plan 2: £27,295 (automatically set)
- Thresholds are updated annually
- No repayments required below this income level
Repayment Rate
- Both plans use 9% of income above the threshold
- This is automatically set to 9%
- Repayments are calculated as: (Income - Threshold) × 9%
Step 4: Enter Additional Information
Years Since Graduation
- Number of years since you finished your course
- Helps calculate how many years remain until write-off
- Repayments typically start the April after graduation
- If you haven't graduated yet, enter 0
Write-off Period
- Plan 1: 25 years (automatically set)
- Plan 2: 30 years (automatically set)
- Any remaining balance is written off after this period
- This is the maximum time you'll be repaying
Step 5: Calculate and Review Results
Click the "Calculate Student Loan Repayments" button to see your results:
Repayment Summary
- Annual Repayment: Total amount you'll pay each year
- Monthly Repayment: Average monthly payment
- Repayable Income: Income above the threshold
- Years to Write-off: Years remaining until loan is written off
Loan Details
- Outstanding Balance: Current loan balance
- Interest Rate: Current interest rate on your loan
- Total Interest: Total interest you'll pay
- Total Repaid: Total amount you'll repay
Step 6: View Repayment Schedule
Click "View Schedule" to see:
- Year-by-year breakdown of repayments
- Interest added each year
- Remaining balance after each year
- When your loan will be fully repaid or written off
Step 7: Export Your Results
Click "Export to Excel" to download a comprehensive CSV file containing:
- Loan Information: All input values and loan details
- Repayment Summary: Annual and monthly payments
- Income Information: Annual income and thresholds
- Repayment Schedule: Year-by-year breakdown
- Regulatory Notes: Important UK-specific information
Understanding UK Student Loan Repayments
How Repayments Work
- Automatic Deductions: Repayments are automatically deducted through PAYE
- Income-Contingent: Repayments are based on your income, not loan amount
- No Fixed Term: Repayments continue until loan is paid off or written off
- No Penalties: No penalties for early repayment
Interest Rate Variations
- While Studying: RPI + 3%
- After Graduation: Varies by income level
- Plan 2 Income Bands:
- £27,295 or less: RPI
- £27,296 - £49,130: RPI + up to 3% (graduated)
- £49,131 or more: RPI + 3%
Repayment Thresholds
- Thresholds are updated annually in April
- Based on average earnings growth
- No repayments required below threshold
- Repayments stop if income falls below threshold
Write-off Conditions
- Plan 1: Written off after 25 years
- Plan 2: Written off after 30 years
- Time starts from the April after graduation
- Periods of deferment may extend the write-off date
Tips for Accurate Results
Get the Most Accurate Estimate
- Use your current balance from the Student Loans Company
- Update your income information regularly
- Consider future income growth
- Account for periods of unemployment or low income
- Factor in potential career breaks
- Consider the impact of inflation on thresholds
Common Scenarios
Low Income
- No repayments required below threshold
- Interest continues to accrue
- Loan balance may increase over time
- Eventually written off after 25-30 years
High Income
- Higher repayments reduce loan faster
- May pay off loan before write-off
- Higher interest rates on Plan 2
- Consider voluntary repayments
Career Breaks
- Repayments stop during unemployment
- Interest continues to accrue
- Write-off period may be extended
- Resume repayments when income returns
Important Disclaimer: This calculator provides estimates for planning purposes only. Actual repayments may vary based on your specific circumstances and current regulations. Repayments are automatically deducted through PAYE. Interest rates and thresholds are updated annually. Always check with the Student Loans Company for your exact balance and repayment information.