Total Lifetime Cost Calculator
Analyse your complete student loan repayment, see total interest paid and write-off amounts
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Enter your loan details to see the full cost analysis
Understanding Lifetime Costs
Your total student loan cost depends on several factors working together over many years.
🎯 Starting Balance
The amount you borrowed plus interest accrued during study.
📈 Interest Accumulation
Interest adds to your balance daily. Higher earners may pay more in interest.
⏰ Write-Off Period
Any remaining balance after 25-40 years (depending on plan) is written off.
Using Plan 2 defaults — Threshold: £29,385/yr, Interest: 6.2%, Repayment: 9%, Salary Growth: 2%, Write-off: 30 years
Total Cost: Common Questions
- What is the total cost of a student loan?
- The total cost is the sum of every repayment you make over the life of the loan, interest included. For many borrowers this works out to less than the original balance because the remaining debt is written off after 30 or 40 years. Higher earners can end up paying back more than they borrowed once interest is factored in.
- Will I pay back more than I borrowed?
- It depends on your earnings. Most Plan 2 borrowers on average salaries will have their loan written off and pay back less than they borrowed. Those earning roughly above £50,000 are more likely to clear the full balance plus a substantial amount of interest, meaning they could pay back considerably more than the original loan.
- How much interest will I pay on my student loan?
- Plan 2 interest runs from RPI up to RPI plus 3% depending on income, currently reaching 6.2% at the top end. Plan 5 charges RPI only, around 3.2%. Interest starts building from the day your first payment lands in your account, including while you study. On a £50,000 loan that could be £1,600 to £3,100 a year.
- Does the total cost change if I get a pay rise?
- Yes. A bigger salary means faster repayments, which can either bring your total cost down (if you were already on track to repay in full) or push it up (if the extra income moves you from write off territory into full repayment). Try different salary growth figures in this calculator to see the effect.