Find out if making voluntary overpayments is financially worthwhile for your plan and income.
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Threshold: £27,295 | Rate: 9%
Annual overpayment: £1,200
Used for Plan 1/4: lower of RPI or Base+1%.
Overpayments may not be financially optimal.
Your loan is projected to be written off without fully repaying under standard repayments.
Current Interest Rate
5.7%
Interest Saved
£58,136
Standard Repayment Time
30 years (to write-off)
With Overpayments
30 years (to write-off)
Time Saved
None
Why might it not be worthwhile?
If you’re unlikely to clear the balance before the write-off date, extra payments usually **increase** your lifetime payments. Overpaying makes most sense when you expect to fully repay (e.g., higher or fast-rising income).
Lifetime Paid (standard)
£20,803
Lifetime Paid (with overpay)
£56,803
Interest (standard)
£143,965
Interest (with overpay)
£85,829
Overpayments reduce your balance faster and can save interest, but they’re not always optimal. If you won’t clear the loan before write-off, voluntary payments usually mean paying more over your lifetime.