Find out your monthly repayment, total interest and how long until your student loan is repaid or written off · covers Plan 1, 2, 4, 5 and Postgraduate loans.
Monthly Repayment
£0
based on current salary
Monthly Repayment
£0
Years to Repay / Write-off
-
Total Amount Repaid
£0
Total Interest Charged
£0
Year-by-Year Breakdown (First 10 Years)
Year
Salary
Annual Repayment
Interest Added
Balance
Enter your loan details to calculate your repayments.
You start repaying in April after you finish or leave your course, but only if your income is above the repayment threshold for your plan. Plan 2 threshold is £27,295 · Plan 5 is £25,000. Repayments are collected automatically through PAYE if you are employed, or via Self Assessment if self-employed.
What happens if I never earn above the threshold?
If your income never exceeds the repayment threshold you never make a single repayment. The loan accrues interest during that time, but the entire balance is written off at the end of the write-off period (25 years for Plan 1, 30 years for Plan 2/4/Postgraduate, 40 years for Plan 5). The write-off is not taxable income.
Will my student loan affect my credit score?
No. Student loans in the UK are not recorded on your credit file and do not affect your credit score. They are collected through the tax system rather than via a traditional lender. However, the repayment deduction reduces your take-home pay and therefore affects mortgage affordability assessments.
Should I make voluntary overpayments on my student loan?
It depends on your plan and likely future earnings. For Plan 5 graduates who are unlikely to fully repay (most graduates), overpayments are generally not financially beneficial · you pay more now for no net saving. For high earners on Plan 1 who will definitely repay in full, early repayment can save interest. Always consider alternative uses for the money (pension, ISA, mortgage overpayments) before overpaying your student loan.
How does Plan 2 interest work?
Plan 2 charges RPI inflation as the base rate, plus an income-linked surcharge of 0% to 3%. While studying (and for the first April after graduation) interest is RPI + 3%. After that: below £27,295 you pay RPI only · at £27,295 to £49,130 the surcharge scales up from 0% to 3% · above £49,130 you pay RPI + 3% (approximately 6.3% in 2026/27). The maximum rate is currently capped at 7.3%.
What is the difference between Plan 2 and Plan 5?
Plan 5 applies to students starting university in England or Wales from September 2023 onwards. Key differences: lower threshold (£25,000 vs £27,295), lower interest (RPI only rather than RPI + up to 3%), but a much longer write-off period (40 years instead of 30 years). Plan 5 graduates are likely to repay more in total than Plan 2 graduates with similar earnings.
For informational purposes only · Not financial advice · Student loan thresholds and interest rates reviewed annually · Check Student Finance England for official figures