Will I ever pay off my student loan?

It depends on your balance, plan and earnings. Most Plan 2 and Plan 5 graduates on average earnings repay for the full term and have the rest written off. The calculator projects your loan to the end and shows whether it is cleared or written off.

When is my student loan written off?

Plan 1: 25 years after the April you were first due to repay, or at 65 for loans taken out before September 2006. Plan 2 and postgraduate loans: 30 years. Plan 4: 30 years, or at 65 if sooner for pre-August 2007 loans. Plan 5: 40 years.

What is the student loan interest rate for 2026/27?

From 1 September 2026 to 31 August 2027 it is 4.1% for Plans 1, 4 and 5. Plan 2 is between 4.1% and 6% depending on income, and postgraduate loans are 6%, both after the government's 6% cap.

Is it worth overpaying my student loan?

Only if you would clear it before it is written off. If you won't, overpaying shrinks a balance that would have been wiped and does not lower your payroll repayments, so it costs you money. The Overpay section shows which applies to you.

Does the interest rate change my monthly repayment?

No. Monthly repayments are 9% of income over the threshold (6% for postgraduate loans), whatever the balance or interest. Interest only changes how long you repay and whether anything is left to write off.

Student Loan Repayment Calculator

Will you ever pay off your UK student loan? Monthly repayments, total repaid, when it is cleared or written off, and whether overpaying is worth it.

Your loan

Started Sept 2012 to July 2023 (England/Wales)

Balance now

First April you were due to repay

The April after you left your course. Written off in April 2052, 30 years later.

Salary now, before tax

Pay rise each year

RPI inflation from Sept 2027

Interest is 4.1% (RPI) until August 2027. After that, RPI sets the interest, raises the repayment thresholds each April and turns future payments into today's money.

I have a postgraduate loan

6% of income over £21,000, repaid alongside your plan

Extra a month

Lump sum, October

Overpayments go to the Plan 2 loan.

Written off in

April 2052

£79,797 wiped after 26 more years of repayments

Repaying now

£42/mo

through payroll

Total repaid

£36,123

£23,473 in today's money

Interest added

£70,920

Written off

£79,797

Plan 2 interest now: 4.8% (RPI plus up to 3% with income, capped at 6%)

You are on course for write-off, so the balance and interest matter less than they look: you only ever repay 9% of income over the threshold. Overpaying would most likely cost you money.

Your balance year by year

Balance

Repaid so far

Who repays the most?

Total repaid (today's money)

Total repaid on your balance and plan at each starting salary, with the same pay rises. Low earners repay little before write-off. Middle earners repay for the whole term and often pay the most. High earners clear the loan early, so they pay less interest.

You repay£42/mo

This calculator projects your UK student loan month by month until it is paid off or written off. It shows what you repay each month, the total you will repay, when the loan ends, and whether overpaying would save money or waste it. It covers Plans 1, 2, 4 and 5 and postgraduate loans, and uses the interest rates and thresholds in force from September 2026.

Your balance matters much less than it looks. Repayments depend only on what you earn, and most graduates on Plans 2 and 5 never clear the loan before it is written off. For them the loan works more like a 9% graduate tax for a fixed number of years than like a debt.

How repayments work

You repay a share of your income above your plan's threshold, collected through payroll (or Self Assessment if you are self-employed). The interest and the balance do not change your monthly repayment.

Plan 1 (England and Wales before Sept 2012, Northern Ireland): 9% over £26,900. Written off 25 years after the April you were first due to repay, or at 65 if you first borrowed before Sept 2006.
Plan 2 (England and Wales, Sept 2012 to July 2023): 9% over £29,385, frozen at that level from April 2027 for three years. Written off after 30 years.
Plan 4 (Scotland): 9% over £33,795. Written off after 30 years, or at 65 if that comes first for loans taken out before Aug 2007.
Plan 5 (England, from Aug 2023): 9% over £25,000. Written off after 40 years.
Postgraduate loan: 6% over £21,000, on top of any other plan. Written off after 30 years.

Interest from September 2026

Interest is set from RPI each September. For 1 September 2026 to 31 August 2027 RPI is 4.1%. Plans 1, 4 and 5 charge 4.1% (Plan 1 can drop if the Bank of England base rate falls).

Plan 2 interest depends on income: 4.1% at £29,385 or less, rising to RPI plus 3% at £52,885. The government has capped it at 6%, so the top rate is 6% instead of 7.1%. Postgraduate loans pay RPI plus 3%, also capped at 6%. While you are still studying, Plan 2 charges the full rate.

After August 2027 the calculator uses your RPI assumption (3% by default) for interest and for raising the thresholds each April. It assumes the 6% cap stays. With RPI at 3% or below, the cap makes no difference anyway.

Who repays the most

Total repayments do not rise steadily with salary. Low earners repay little before write-off. High earners repay quickly and so pay less interest. Middle earners repay for the whole 30 or 40 years while interest keeps the balance up, and they often pay the most.

Take a £45,000 Plan 2 balance first due in April 2022, with 3.5% pay rises and 3% RPI. On £35,000 you repay about £36,000 (£23,500 in today's money) and about £80,000 is written off in 2052. On £55,000 you repay about £91,000 (£63,000 in today's money) and clear it in 2049. On £90,000 you repay about £59,000 and clear it by 2035. The chart under the calculator shows the curve for your own loan.

Should you overpay?

Only if you would clear the loan anyway. If the loan will be written off, every extra pound reduces a balance that would have been wiped, and it does not change what payroll takes, so overpaying costs you money. If you are on course to clear it, overpaying cuts the interest you pay, but compare the interest rate with what the money could earn in savings or a pension first.

Add a monthly overpayment or a lump sum under Overpay and the calculator compares the total with and without it, in today's money.

What this calculator assumes

Salary rises once a year in April by the percentage you choose. Interest is added monthly at a twelfth of the yearly rate (the Student Loans Company works it out daily, which differs by pennies). Repayments start from the first April you were due to repay and are worked out on your yearly salary, with no gaps for career breaks. Plan 1 interest is taken as RPI. Future thresholds and interest follow the rules announced so far, and governments have changed student loan terms before, so treat anything decades away as a guide.

Frequently asked questions

Will I ever pay off my student loan?: It depends on your balance, plan and earnings. Most Plan 2 and Plan 5 graduates on average earnings repay for the full term and have the rest written off. The calculator projects your loan to the end and shows whether it is cleared or written off.
When is my student loan written off?: Plan 1: 25 years after the April you were first due to repay, or at 65 for loans taken out before September 2006. Plan 2 and postgraduate loans: 30 years. Plan 4: 30 years, or at 65 if sooner for pre-August 2007 loans. Plan 5: 40 years.
What is the student loan interest rate for 2026/27?: From 1 September 2026 to 31 August 2027 it is 4.1% for Plans 1, 4 and 5. Plan 2 is between 4.1% and 6% depending on income, and postgraduate loans are 6%, both after the government's 6% cap.
Is it worth overpaying my student loan?: Only if you would clear it before it is written off. If you won't, overpaying shrinks a balance that would have been wiped and does not lower your payroll repayments, so it costs you money. The Overpay section shows which applies to you.
Does the interest rate change my monthly repayment?: No. Monthly repayments are 9% of income over the threshold (6% for postgraduate loans), whatever the balance or interest. Interest only changes how long you repay and whether anything is left to write off.