Skip to main content
Student Loan Calculator UK - home

P60 & P45 Year-End Student Loan Reconciliation Calculator

Check the student loan deductions on your P60 or P45 against what that tax year actually owed. Pick the year and the calculator uses that year's published threshold, not this year's.

If a deduction on your P60 does not match what you expected, our guide to tax codes for student loans explains what the SL and PGL indicators mean.

Year-end reconciliation

Copy the figures off your P60 (or the P45 from a job you left) and compare them with the liability for that tax year.

Plan 2 threshold for 2026/27: £29,385 a year, £2,448 a month[source]. Only years with published figures are offered.

Employers during 2026/27

£
£

Other income that year

No other income added. Add self-employment, property or dividend income if the year had any — it counts towards the same threshold.

Outcome: repaid in full

Your deductions look right

£235 was deducted against a liability of £235 on £32,000 of income — a difference of less than a pound.

Whole-pound rounding on each payslip means the year's total rarely matches the annual figure to the penny.

Your 2026/27 reconciliation

Income that year

£32,000

1 employer

Should have paid

£235

2026/27 threshold £29,385

Actually deducted

£235

From your P60 and P45 figures

Still to pay

£0

Nothing either way

How this is worked out

(£32,000 − £29,385) × 9% = £235

Plan 2 liability for 2026/27, using that year's published annual threshold of £29,385 and rounded down to a whole pound. Change the tax year above and this figure changes with it.

How this is worked out

£235 − £235 = £0

Deducted less owed for 2026/27. Anything above zero here is refundable by the Student Loans Company.

Pay and student loan deductions from each document, 2026/27
EmployerDocumentPayLoan deducted
Current employerP60£32,000£235
Total—£32,000£235

Why 2026/27 might not add up

  • • Whole-pound rounding. Each payslip's deduction is rounded down, so twelve months can land a few pounds under the annual figure. That is not an error.

What to do next

  1. Keep the P60 and any P45s with your records.
  2. Check your balance in your Student Loans Company account.
  3. Run this again next year with the new documents.
Rates, assumptions and sources
Last reviewed: · Verified against gov.uk and SLC published figures

Every figure below is the 2026-27 published figure, read from this site's single source of truth at page-render time[source]. The 6% Plan 2 and Postgraduate interest cap covers the 2026/27 year only and is not assumed to continue[source].

Repayment threshold, rate, interest, write-off period and threshold freeze status by student loan plan, 2026-27
PlanThresholdRateInterestWritten offThreshold freeze
Plan 2£29,385[source]9%4.1% to 7.1% by income, capped at 6% for 2026-27[source]30 years[source]Frozen at £29,385 until April 2030

Write-off is counted from the April after the course ends, not from the course-end date itself, and the Plan 2 interest bands (£29,385 lower, £52,885 upper) are frozen alongside the Plan 2 repayment threshold.

This calculator also assumes

Tax year reconciled
2026/27
Threshold applied
£29,385 (2026/27)
Rate applied
9%
Liability rounding
Rounded down to a whole pound
Self Assessment deadline
31 January 2028
Not modelled
Income tax and National Insurance reconciliation

Growth, inflation and long-run interest figures are assumptions, not published rates. Change them and the projection changes.

Reading your P60 and P45

Where the figures are

  • • Student loan deductions have their own box, separate from tax
  • • Postgraduate Loan deductions are a further separate box
  • • Both are whole pounds — payroll rounds each period down
  • • A P60 arrives by 31 May; a P45 comes when you leave
  • • Use the "total pay" figure, not your take-home

Thresholds move every April

  • • A finished year is judged on that year's threshold, not today's
  • • Plan 2 was £27,295 in 2024/25
  • • £28,470 in 2025/26
  • • £29,385 in 2026/27
  • • Picking the wrong year is the most common reason a check disagrees

If your figures do not reconcile because you held more than one job at once, the multiple jobs & side income calculator shows exactly where PAYE loses track.

Related student loan calculators

The P60 and P45 reconciliation calculator answers one specific question. For the full picture, start with our UK student loan calculator on the homepage, work out what leaves your payslip each month with the monthly repayment calculator, or check what you can borrow with the student finance calculator. Every tool on the site is listed in the UK student loan calculator directory.