Student Loan Calculator UK – Calculate Your Repayments, Payoff, and Extra Payments
Need to calculate your student loan repayment, work out your monthly student loan payment, or calculate student loan payoff with extra payments? Our free student loan calculator UK helps you estimate your repayments based on your salary. Whether you're on Plan 1, Plan 2, Plan 5, or have a postgraduate loan, this calculator provides accurate estimates for 2025. Calculate student loan with interest, student loan with extra payments, student loan multiple loans, and view your complete student loan amortization schedule.
Why Use Our Student Loan Calculator UK?
Understanding your student loan repayments is crucial for financial planning in the UK. Our student loan calculator UK helps you:
- ✓Calculate monthly student loan payments based on your annual salary
- ✓Calculate student loan payoff period and total repayment costs
- ✓Calculate student loan with interest to see total interest costs
- ✓Student loan calculator with extra payments to see how extra payments reduce interest and payoff time
- ✓Student loan calculator multiple loans to manage multiple student loans
- ✓Student loan calculator with amortization schedule showing month-by-month breakdown
- ✓Student loan calculator monthly payment calculations for all UK plans
- ✓Export calculations (like student loan calculator excel format) for your records
Student Loan Calculator Repayment
Our student loan calculator repayment feature calculates your monthly and annual repayments based on your income. UK student loans use an income-based repayment system where you repay a percentage of your income above a threshold:
- •Plan 1: Repay 9% of income above £22,015 per year (2025)
- •Plan 2: Repay 9% of income above £27,295 per year (2025)
- •Plan 5: Repay 9% of income above £25,000 per year
- •Postgraduate Loan: Repay 6% of income above £21,000 per year (2025)
Student Loan Calculator Payoff
Our student loan calculator payoff feature shows you how long it will take to pay off your loan and the total amount you'll repay. The calculator considers:
- •Your loan balance and interest rate
- •Your annual income and repayment plan
- •How repayments change as your income changes
- •Whether you'll pay off the loan before the 30-year write-off period
Student Loan Calculator with Interest
Our student loan calculator with interest shows you how interest accrues on your loan balance. Key points about UK student loan interest:
- •Interest accrues daily on your loan balance
- •Interest rates vary by plan and income level (RPI + up to 3% for Plan 2)
- •Interest continues even if you're not making repayments (if income is below threshold)
- •The calculator shows total interest you'll pay over the loan term
Student Loan Calculator Payment
Our student loan calculator payment feature calculates your monthly payment amount. The formula is:
Monthly Payment = (Annual Income - Repayment Threshold) × Repayment Rate ÷ 12
If your income is below the threshold, your monthly payment is £0.
Example: If you earn £30,000 per year on Plan 2 (threshold £27,295):
- • Annual repayment amount = (£30,000 - £27,295) × 9% = £243.45
- • Monthly payment = £243.45 ÷ 12 = £20.29
Student Loan Calculator with Extra Payments
Our student loan calculator with extra payments feature shows how making additional payments can reduce your total interest and shorten your payoff period:
- ✓Extra Monthly Payments: Add a fixed amount to your monthly repayment
- ✓Lump Sum Payments: Make a one-time payment to reduce your principal
- ✓Interest Savings: See how much interest you'll save with extra payments
- ✓Time Savings: Calculate how many months/years you'll save
- ✓Updated Amortization: View the repayment schedule with extra payments included
Note: For most UK graduates, making extra payments may not be financially beneficial since loans are written off after 30 years. However, if you expect to pay off your loan before the write-off period, extra payments can save significant interest.
Student Loan Calculator Multiple Loans
If you have multiple student loans (e.g., undergraduate and postgraduate), our student loan calculator multiple loans feature helps you:
- •Calculate Total Monthly Payment: See your combined monthly repayment across all loans
- •Total Loan Balance: View your combined loan balance
- •Weighted Average Rate: Calculate your average interest rate across all loans
- •Individual Loan Details: Manage each loan separately with different plans and rates
Each loan is calculated separately based on its own repayment plan and threshold. Your total monthly payment is the sum of repayments for all loans.
Student Loan Calculator with Amortization Schedule
Our student loan calculator with amortization schedule provides a detailed month-by-month breakdown of your loan repayment:
- ✓Monthly Breakdown: See each payment, principal, and interest component
- ✓Balance Tracking: Track how your loan balance decreases over time
- ✓Interest Trends: See how interest payments change as your balance reduces
- ✓Extra Payments: View how extra payments affect your schedule
- ✓Scrollable Table: Easy-to-read table format with all months displayed
The amortization schedule is particularly useful for understanding how your repayments are allocated between principal and interest, and for planning extra payments.
Student Loan Calculator Monthly Payment
Our student loan calculator monthly payment feature calculates your exact monthly repayment amount. This is especially useful for:
- •Budget planning and financial forecasting
- •Understanding how salary changes affect your repayments
- •Comparing different repayment plans
- •Planning for career changes or salary increases
Student Loan Calculator Amortization
The student loan calculator amortization table shows how your loan is paid off over time. Each row represents one month and includes:
- •Starting Balance: Your loan balance at the start of the month
- •Payment: Your total payment for the month
- •Principal: Amount going toward reducing your loan balance
- •Interest: Amount going toward interest charges
- •Ending Balance: Your loan balance after the payment
- •Extra Payment: Any additional payment made (if applicable)
Student Loan Calculator Excel
While our calculator provides all the features you need, you can also use the results to create your own student loan calculator excel spreadsheet. The amortization schedule data can be copied and pasted into Excel for further analysis or customization.
Our calculator provides the same functionality as an Excel-based calculator but with a user-friendly interface and automatic calculations. You can:
- ✓View all calculations instantly without setting up formulas
- ✓Export data by copying the amortization table
- ✓Update calculations in real-time as you change inputs
- ✓Access from any device without needing Excel
Key Tips for UK Student Loan Borrowers
- ⚠Student loan interest rates change annually. Check current rates on the Student Loans Company website (gov.uk).
- ⚠Repayments are automatically deducted from your salary if you're employed (PAYE).
- ⚠If you're self-employed, you'll need to declare your student loan on your Self Assessment tax return.
- ⚠Most graduates won't fully repay their loans before the 30-year write-off period.
- ⚠Making voluntary extra payments can reduce interest, but may not be financially beneficial for everyone - especially if you won't pay off the loan before write-off.
- ⚠Student loans don't affect your credit score and are written off after 30 years (or retirement age).
- ⚠If you have multiple loans, each is calculated separately based on its own repayment plan.
FAQ: Student Loan Calculator UK
Q: How do I calculate my student loan repayment UK?
A: Use our calculator by entering your loan balance, annual income (salary), repayment plan (Plan 1, 2, or 5), and interest rate. The calculator will show your monthly payment, which is 9% (or 6% for postgraduate) of your income above the repayment threshold.
Q: How does the student loan calculator with extra payments work?
A: Enable the extra payments option and enter either an extra monthly payment amount or a lump sum payment. The calculator will show how these extra payments reduce your total interest and shorten your payoff period.
Q: Can I calculate multiple student loans?
A: Yes, enable the multiple loans option and add each loan separately. The calculator will show your total monthly payment, total loan balance, and weighted average interest rate.
Q: What is the repayment threshold for UK student loans in 2025?
A: The threshold varies by plan: Plan 1 (£22,015), Plan 2 (£27,295), Plan 5 (£25,000), and Postgraduate (£21,000) for 2025. You only repay when your income exceeds this threshold.
Q: Should I make extra payments on my student loan?
A: For most UK graduates, making extra payments may not be financially beneficial since loans are written off after 30 years. However, if you expect to pay off your loan before the write-off period, extra payments can save significant interest. Use the calculator to see potential savings.
Summary
Use our Student Loan Calculator UK to calculate your student loan repayments, work out your monthly payments based on your salary, estimate your total repayment costs, and explore how extra payments can reduce interest. Whether you're calculating repayments for Plan 1, Plan 2, Plan 5, or postgraduate loans, managing multiple loans, or viewing your complete amortization schedule, this calculator provides the insights you need to plan your finances effectively for 2025.
Remember that UK student loans are designed to be affordable, with repayments based on your income. Most graduates won't fully repay their loans before the 30-year write-off period, which is perfectly normal and expected. Use the calculator to understand your repayment obligations, explore extra payment options, and plan your finances accordingly. Check the Student Loans Company website (gov.uk) for the most up-to-date information on interest rates and thresholds.