Free & Easy UK Student Loan Repayment Calculator: Estimate Your Payments Instantly

Navigating the world of student loan repayments in the UK can feel complex. With different plans (Plan 1, Plan 2, Plan 5, Postgraduate), varying thresholds, and specific repayment rates, figuring out how much you’ll actually repay each month can be a headache. But understanding your potential deductions is crucial for budgeting, financial planning, and even evaluating job offers.

That’s where our Student Loan Repayment Calculator, available right on this page, comes in.

We’ve designed a simple, intuitive, and free tool to help you instantly estimate your monthly and annual student loan repayments based on your salary and specific loan plan. Stop guessing and get clarity on your finances today!

Why Understanding Your Student Loan Repayment Matters

• Budgeting: Knowing your estimated monthly repayment helps you create an accurate budget.
• Job Offers: Compare take-home pay more effectively when considering different salary offers.
• Financial Planning: Understand how salary increases will impact your repayments and overall financial picture.
• Peace of Mind: Remove the uncertainty surrounding deductions from your payslip.

Understanding the Different UK Student Loan Plans

Your repayment amount depends heavily on which plan you’re on. Here’s a quick overview:

• Plan 1: Typically for students from England or Wales who started before Sept 2012, or students from Scotland or Northern Ireland.
• Plan 2: For students from England or Wales who started their undergraduate course on or after Sept 1st, 2012.
• Plan 5: For students from England starting undergraduate courses from August 1st, 2023 onwards.
• Postgraduate Loan: For Master’s and Doctoral loans across England and Wales.

Each plan has a specific annual repayment threshold. You only repay your loan on the portion of your income above this threshold.

• Plans 1, 2, and 5 currently have a repayment rate of 9% on income above the threshold.
• Postgraduate Loans have a repayment rate of 6% on income above the threshold.

Important Note: Thresholds can change each tax year. Our calculator uses the latest known figures (generally 2024/25 where applicable), but always refer to official government sources like gov.uk for definitive amounts.

How Are Student Loan Repayments Calculated?

The calculation is straightforward once you know the rules:

1. Identify your Plan: Determine if you are on Plan 1, 2, 5, or have a Postgraduate loan.
2. Know the Threshold: Find the current annual earning threshold for your specific plan.
3. Calculate Income Above Threshold: Subtract the annual threshold from your annual pre-tax salary. If your salary is below the threshold, you won’t make repayments.
4. Apply the Rate: Multiply the amount of income above the threshold by the correct repayment rate (9% or 6%).
5. Determine Monthly Payment: Divide the annual repayment amount by 12.

Sounds simple, but remembering the different thresholds and doing the math can be tedious. That’s why we built the calculator below!