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Calculate the real cost of university in the UK
The Student Loan Repayment Calculator
University fees may not reflect the real cost of student loans in England, Scotland, and Wales. Your
repayment amount is determined by your income, not your total debt, making the cost of university unique to you.
Are you overpaying or underpaying your student loan? Find out now with our comprehensive UK student loan repayment
calculator.
Our powerful tool takes into account factors like income, wage growth, inflation, and interest rates to help you
calculate your monthly student loan payments. Get a report of the potential total cost of your university
education. Don't leave it to chance; take control of your finances today.
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Navigating the true cost of higher education in the UK
- If you're embarking on a profession with high earning potential, consider increasing 'Your Wage growth'.
- On the other hand, if you're pursuing a career where salaries typically remain stable, think about setting this value lower.
- To simulate an initial lump sum payment followed by monthly payments, try adding a manageable amount to the lump sum input
- Do pensions affect student loan? Sometimes pensions can have an effect on your monthly repayments but it is not always the case. Explore the impact of increasing your pension contributions on your monthly repayments to discover the power of pension contributions.
- Remember to set the monthly repayment threshold and interest rate for your personal plan, as there may be differences between plans that affect your repayment amount or the rates have changed.
- Finall why not check out our guide to UK student loans and does it really make sense to pay off my student loan early?
Our Assumptions
- Since this loan is over many years you can only estimate student loan repayments amount. Even though we can get very close to your monthly payments these will vary depending on your own circumstances.
- Interest is calculated and added on a monthly basis. Although, in reality, it accumulates daily, we have simplified the process to ensure smooth functionality, leading to a potential variance of approximately 'plus or minus 2%'.
- It is assumed that you will not take any time off during the 30 years after graduation, and your salary increase is expected to be steady. If you retire before the completion of the 30-year period, there is a considerable possibility that you will repay a substantially lower amount.
- Repayments start from the April after you leave university and continue until your loan is paid off or written off after 25 to 40 years depending on the repayment plan.
- You work in the UK and are on a company Payroll. Repayments are automatically taken through PAYE. If you have multiple jobs or loans, or you are self employed there are specific rules for repayments.
Disclaimer
Before making any wild calculations we encourage you to read our disclaimer for more information.