Question 1

What student loan types does this calculator support?

Accepted Answer

This calculator works with UK student loans including Plan 1 and Plan 2 loans. However, different repayment thresholds and interest rates apply depending on your loan plan, so ensure you're using the correct details for your specific loan type.

Question 2

How often does my student loan interest rate change?

Accepted Answer

UK student loan interest rates are typically reviewed annually and may change based on inflation or government policy. Your current rate will be shown on your student loan statement, and it's advisable to update the calculator periodically to reflect any rate changes.

Question 3

Will my student loan be forgiven after a certain period?

Accepted Answer

Yes, under UK law, Plan 1 loans are forgiven after 25 years, while Plan 2 loans are forgiven after 30 years from when you started repayment. If you earn below the repayment threshold, you won't make payments, but the clock continues ticking towards eventual forgiveness.

Question 4

Does this calculator account for salary increases?

Accepted Answer

The basic version calculates based on your current income. To model the impact of salary increases, you can run multiple calculations with different income figures to see how higher earnings would affect your monthly repayments and total payoff time.

Question 5

Is this calculator accurate for my situation?

Accepted Answer

This calculator provides estimates based on standard UK student loan repayment rules. For personalized advice or exact figures, contact the Student Loans Company directly, as individual circumstances may vary and special circumstances may apply.

Student Loan Repayment Calculator

What is the Student Loan Repayment Calculator?

How does it work?

FAQ