Student Loan Repayment Calculator

UK student loans are repaid through the tax system as a fixed percentage of income above a plan-specific threshold — they do not work like commercial debt. For 2025/26: Plan 1 (started uni before September 2012 in England/Wales, or any year in NI) repays 9% above £26,065. Plan 2 (England/Wales, September 2012 to July 2023) repays 9% above £28,470. Plan 4 (Scottish loans, any year) repays 9% above £32,745. Plan 5 (England starters from August 2023) repays 9% above £25,000 and has a 40-year write-off versus 25-30 years for the older plans. Postgraduate Loans (PGL) repay 6% above £21,000 in addition to any undergraduate plan. This calculator shows your monthly repayment, total expected repayments over the loan lifetime, interest accrual, and projected balance trajectory until the write-off date. It handles concurrent undergrad + postgrad plans (you repay both at the same time, which can take total payroll deduction to 15% on income above the higher threshold). For most graduates, the loan functions effectively as an income-contingent graduate tax — you only repay when earning enough, and any balance still outstanding at the write-off date is cancelled without penalty. Interest rates differ by plan. Plan 2 and PGL interest is RPI + up to 3% (graduated by earnings, currently capped at the prevailing market rate cap). Plan 1 and Plan 4 use the lower of RPI or BoE base rate + 1%. Plan 5 charges RPI only — the cheapest interest of any current plan, which means Plan 5 borrowers may actually repay in full before the 40-year write-off, unlike most Plan 2 borrowers. Should you overpay? For most graduates, no. If your projected lifetime repayments are less than the loan balance plus interest, every overpayment is wasted money — your loan would have been written off anyway. The calculator helps you see this clearly. Only consider overpayments if you are a high earner certain to clear the balance before the cutoff. Student loans do not appear on your credit file, but lenders do consider the deduction when calculating mortgage affordability. The tool applies to UK loans only — you must update the Student Loans Company annually if you live abroad.