Student loan calculator
Repayments on a fixed-term student loan, or how a UK income-contingent loan repays and when it is written off.
About the student loan calculator
Repayments on a fixed-term student loan, or how a UK income-contingent loan repays and when it is written off.
Part of SmartCalcy’s finance tools. It runs in your browser with no account, uses your own currency and units (change them at the top of the page), and gives estimates for information only, so check official guidance before you rely on a result.
How to use the student loan calculator
What it calculates and when to use it
Models either a fixed-term student loan with level payments, or a UK income-linked loan, where repayments depend on your salary and any balance left is written off.
How to use it, step by step
- Choose a fixed-term or UK income-linked loan.
- Enter the balance and interest rate.
- For fixed term, enter the term and optional extra. For UK, choose the plan and enter your salary, salary growth and threshold rise.
What each input means
- Plan – Sets the repayment threshold, rate and write-off period.
- Salary growth, Threshold rise – How pay and thresholds change each year.
How to read the results
- Monthly payment – For fixed-term loans.
- Written off after – For UK loans, years until the loan is cleared or written off, total repaid and amount written off.
The formula
Fixed term: payment = P × r ÷ (1 − (1 + r)^−n). UK: each year balance = balance × (1 + interest) − 9% × (salary − threshold) (6% for postgraduate), until it is cleared or the write-off period ends.
A worked example
A 40,000 UK Plan 2 loan at 5.5% on a 32,000 salary growing 3% a year pays 9% above 29,385, which is 235 in year 1. The balance grows faster than it is repaid, so after 30 years about 20,910 has been repaid and 159,277 is written off.
Assumptions and limits
- Constant interest and growth rates.
- Thresholds shown are the 2026 to 2027 UK amounts.
- Your plan’s actual interest rate depends on RPI and income.
Common mistakes
- Treating income-linked repayments as a normal loan.
- Overpaying a loan that will be written off.
Frequently asked questions
Should I overpay my UK student loan?
Only if you expect to repay it in full before the write-off date. Many graduates never do, so overpaying would waste money.
Dated rules: UK tax year 2026 to 2027 (6 April 2026 to 5 April 2027), from GOV.UK. Rates and thresholds change each year, so check GOV.UK before relying on a figure.
Related tools
Details
- Repayment rate
- 9% of income above £29,385threshold shown for the current year
- First-year repayment
- £235
- Written-off amount
- £159,277
- Write-off after
- 30 years
Year by year
| Year | Salary | Repaid | Balance |
|---|---|---|---|
| 1 | £32,000 | £235 | £41,965 |
| 2 | £32,960 | £256 | £44,017 |
| 3 | £33,949 | £277 | £46,161 |
| 4 | £34,967 | £299 | £48,401 |
| 5 | £36,016 | £322 | £50,741 |
| 6 | £37,097 | £347 | £53,185 |
| 7 | £38,210 | £372 | £55,738 |
| 8 | £39,356 | £398 | £58,405 |
| 9 | £40,537 | £426 | £61,192 |
| 10 | £41,753 | £455 | £64,102 |
| 11 | £43,005 | £485 | £67,143 |
| 12 | £44,295 | £517 | £70,319 |
| 13 | £45,624 | £549 | £73,637 |
| 14 | £46,993 | £584 | £77,104 |
| 15 | £48,403 | £619 | £80,725 |
| 16 | £49,855 | £657 | £84,508 |
| 17 | £51,351 | £696 | £88,460 |
| 18 | £52,891 | £736 | £92,590 |
| 19 | £54,478 | £778 | £96,904 |
| 20 | £56,112 | £822 | £101,411 |
| 21 | £57,796 | £868 | £106,121 |
| 22 | £59,529 | £916 | £111,042 |
| 23 | £61,315 | £965 | £116,184 |
| 24 | £63,155 | £1,017 | £121,557 |
| 25 | £65,049 | £1,071 | £127,171 |
| 26 | £67,001 | £1,127 | £133,039 |
| 27 | £69,011 | £1,185 | £139,170 |
| 28 | £71,081 | £1,246 | £145,579 |
| 29 | £73,214 | £1,309 | £152,276 |
| 30 | £75,410 | £1,375 | £159,277 |