Monthly Student Loan Repayment Calculator
Compare monthly repayments across all UK student loan plans based on your salary.
About Monthly Repayments
This calculator shows how much you'll pay each month across different student loan plans, helping you budget effectively and compare options.
Monthly Repayment Comparison
Your Annual Salary
£30,000
Plan 1
Threshold: £22,015
£60
per month
Plan 2
Threshold: £27,295
£20
per month
Plan 4
Threshold: £27,660
£18
per month
Plan 5
Threshold: £25,000
£38
per month
Postgraduate Loan
Threshold: £21,000
£45
per month
Note: If you have multiple loan types, you'll pay both amounts simultaneously. For example, Plan 2 + Postgraduate = £65/month.
Monthly payment comparison chart
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Understanding Monthly Student Loan Repayments
Student loan repayments in the UK are automatically deducted from your salary once you earn above the repayment threshold. This calculator helps you compare monthly repayment amounts across different loan plans.
How Student Loan Repayments Are Calculated
For all loan plans, repayments are calculated as a percentage of your income above the repayment threshold:
- Plan 1, 2, 4, and 5: 9% of your income above the threshold
- Postgraduate Loan: 6% of your income above the threshold
The key difference between plans is the repayment threshold - the amount you need to earn before you start making repayments.
Current Repayment Thresholds (2023/24)
| Loan Plan | Annual Threshold | Monthly Threshold | Repayment Rate |
|---|---|---|---|
| Plan 1 | £22,015 | £1,834 | 9% |
| Plan 2 | £27,295 | £2,274 | 9% |
| Plan 4 | £27,660 | £2,305 | 9% |
| Plan 5 | £25,000 | £2,083 | 9% |
| Postgraduate Loan | £21,000 | £1,750 | 6% |
Example Monthly Repayment Calculation
Let's calculate the monthly repayment for someone earning £30,000 per year with a Plan 2 loan:
- Annual income: £30,000
- Plan 2 annual threshold: £27,295
- Income above threshold: £2,705
- Annual repayment (9%): £243.45
- Monthly repayment: £20.29
Multiple Loan Repayments
If you have multiple types of student loans, you'll make repayments on each simultaneously. For example:
- A graduate with both Plan 2 and Postgraduate loans would pay 9% above the Plan 2 threshold plus 6% above the Postgraduate loan threshold.
- On a £30,000 salary, this would be approximately £20 (Plan 2) + £45 (Postgraduate) = £65 per month
This simultaneous repayment means those with multiple loans can have significantly higher monthly deductions from their salary.
Frequently Asked Questions
Your loan plan depends on when and where you studied. Plan 1 is for students who started before 2012 in England and Wales, or who studied in Northern Ireland. Plan 2 is for English and Welsh students who started between 2012 and 2023. Plan 4 is for Scottish students. Plan 5 is for English and Welsh students starting from September 2023. You can check your plan by logging into your Student Loans Company account or by asking your employer.
Student loan repayments are automatically calculated based on your income. The only way to reduce your monthly repayments is to earn less, which obviously isn't recommended. Remember that if your income falls below the threshold, your repayments will automatically stop until you start earning above the threshold again. Unlike traditional loans, there's no option to negotiate lower payments.
Student loan repayments are deducted from your salary after tax, similar to pension contributions. This means they're calculated on your gross (pre-tax) income, but taken from your net pay. For budgeting purposes, you should consider your student loan repayment alongside income tax and National Insurance when calculating your take-home pay.
Got multiple student loans?
Use our combined repayment calculator to see exactly how multiple loans affect your monthly payments.
Try Combined Calculator