Plan 2 Student Loan Calculator
For students who started their course September 2012 to July 2023
Plan 2 Calculator
2012-2023 undergraduate loans with higher threshold and variable interest
£
£10k£150k
£
£
Enter your loan balance to see your forecast
Using Plan 2 defaults — Threshold: £28,470/yr, Interest: 6.2%, Repayment: 9%, Write-off: 30 years
How Plan 2 Repayments Work
Repayment Threshold
£28,470/year
You only repay on earnings above this threshold
Interest Rate
6.2%
RPI + up to 3% based on income
- Who this applies to: Students who started an undergraduate course in England or Wales between September 2012 and July 2023
- Repayment rate: 9% of earnings above the threshold
- Interest: Variable from RPI (if earning under threshold) to RPI + 3% (if earning over £52,195)
- Write-off: The remaining balance is written off after 30 years from when you became eligible to repay
- Example: If you earn £35,000/year, your monthly repayment would be approximately £47