Student Loan Calculator
Calculate your monthly student loan repayments
What This Site Does
My Student Loan is a free calculator for UK students and graduates to work out their monthly and annual student loan repayments based on their salary and loan plan type.
Who It's For
This calculator is designed for anyone with a UK student loan (Plan 1, Plan 2, Plan 4 Scotland, or Plan 5) who wants to understand how much they'll pay back each month. Whether you're a current student planning ahead, a recent graduate entering work, or an established professional managing your finances, this tool helps you calculate accurate repayment amounts based on current Student Loans Company thresholds.
How It Works
- Enter your annual salary before tax
- Select your student loan plan type (Plan 1, 2, 4, or 5)
- Get instant calculation of your monthly and annual repayments
- See detailed breakdown showing threshold, amount above threshold, and repayment rate
- Understand that you only pay 9% of earnings above your plan's threshold
All calculations are performed in your browser using current 2026/27 Student Loans Company thresholds. No salary information is collected or stored.
Understanding Student Loan Repayments
Student loan repayments are taken automatically from your salary through PAYE if you're employed, or you pay through self-assessment if you're self-employed. You only start repaying once you earn above the threshold for your loan plan.
Current Repayment Thresholds (2026/27)
| Plan Type | Annual Threshold | Rate |
|---|---|---|
| Plan 1 | £24,990 | 9% |
| Plan 2 | £27,295 | 9% |
| Plan 4 | £31,395 | 9% |
| Plan 5 | £25,000 | 9% |
Which Plan Am I On?
Plan 1
You're on Plan 1 if you:
- Lived in England or Wales and started your course before 1 September 2012
- Lived in Northern Ireland (regardless of when you started)
Plan 2
You're on Plan 2 if you:
- Lived in England or Wales and started your course on or after 1 September 2012
- Took out an Advanced Learner Loan
Plan 4
You're on Plan 4 if you:
- Lived in Scotland and received student funding from SAAS
Plan 5
You're on Plan 5 if you:
- Lived in England and started an undergraduate course on or after 1 August 2023
How Repayments Work
Repayments are calculated based on how much you earn above the threshold for your plan type:
- You only pay 9% of the amount you earn above the threshold
- If you earn below the threshold, you don't pay anything
- Repayments stop once your loan is fully repaid or written off
When Do Loans Get Written Off?
| Plan Type | Written Off After |
|---|---|
| Plan 1 | 25 years or when you reach 65 |
| Plan 2 | 30 years |
| Plan 4 | 30 years |
| Plan 5 | 40 years |
Voluntary Repayments
You can make voluntary repayments at any time if you want to pay off your loan faster. However, remember:
- Many people never fully repay their loan before it's written off
- Interest rates are relatively low compared to other forms of borrowing
- It might be better to invest your money elsewhere
Frequently Asked Questions
What if I have multiple jobs?
If you have more than one job, repayments are calculated separately for each employer based on what they pay you. You may need to contact the Student Loans Company if you're overpaying.
What if I'm self-employed?
Self-employed workers make repayments through their Self Assessment tax return. You'll pay based on your profits, not your turnover.
Do I pay if I move abroad?
Yes, you still need to repay your student loan if you move abroad. You'll need to contact the Student Loans Company to arrange payments. Thresholds may differ depending on where you live.
Does my student loan affect my credit score?
No. Student loans don't appear on your credit report and don't affect your credit score. However, lenders may consider your student loan repayments when assessing mortgage affordability.
Can I check my loan balance?
Yes, you can check your loan balance by logging into your Student Loan Company account online. You'll see how much you owe and how much you've repaid.