Estimate monthly student loan payments, total interest, payoff time, and view a live amortization-style breakdown for education loans in USD or GBP.
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This tool provides student loan repayment estimates for informational purposes only. It is not financial, legal, lending, or tax advice. Actual repayment plans, rates, capitalization, fees, deferment rules, and lender or government program conditions may change your real repayment amount. Always review your official loan agreement and consult your lender, servicer, or a qualified adviser before making borrowing decisions.
freeusukcalculator.com
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For the UK market, this calculator estimates how much you repay in pounds (GBP) towards your Student Loans Company (SLC) loan, based on your income and repayment plan. UK student loans are income-contingent: you repay a percentage of what you earn above a threshold, not a fixed monthly bill, and the loan is not a conventional amortising debt.
Your loan is administered by the Student Loans Company (SLC), and repayments are collected automatically through the tax system (PAYE for employees, or Self Assessment if self-employed). You only repay when your income rises above your plan's threshold, and you repay 9% of everything you earn above it, regardless of how large the outstanding balance is.
Which plan you are on depends on where and when you studied. Plan 1 covers older loans and some students from Northern Ireland; Plan 2 covers most English and Welsh students who started undergraduate courses from 2012 to 2022; Plan 4 applies to Scottish students; and Plan 5 covers newer English undergraduate courses starting from 2023. Each plan has its own income threshold, below which you pay nothing.
Interest is linked to RPI inflation (and for some plans, your income), so the amount owed grows over time, but this rarely changes your monthly repayment because that depends only on income. Any balance still outstanding is written off after a set period, typically 30 to 40 years depending on your plan, meaning many borrowers never repay the full amount.
Suppose you earn £35,000 a year and are on Plan 2, with a repayment threshold of about £27,295. You repay 9% of the amount above the threshold: £35,000 minus £27,295 is £7,705, and 9% of that is roughly £693 per year, or about £58 per month. If your salary fell below the threshold, your repayments would simply stop. These figures are illustrative, not live thresholds.
| Plan | Who it covers |
|---|---|
| Plan 1 | Older loans / some Northern Ireland students |
| Plan 2 | England & Wales undergrad, 2012 - 2022 |
| Plan 4 | Scottish students |
| Plan 5 | England undergrad from 2023 |
| Repayment rate | 9% of income above the threshold |
No. It is income-contingent, so repayments depend on your earnings, not your balance. You repay 9% of income above your plan's threshold through the tax system, and the debt is written off after 30 to 40 years if not cleared.
You repay nothing. Repayments only start once your income exceeds your plan's threshold, and they pause automatically again if your earnings drop below it.
Not directly. Interest is linked to RPI inflation and affects how much you owe, but your monthly repayment is set purely by your income above the threshold. For many borrowers the loan is written off before it is fully repaid.
Federal student loans default to a standard 10-year repayment plan with fixed monthly payments, but several income-driven plans can lower payments to a percentage of discretionary income and stretch the term to 20β25 years. The calculator works out your monthly payment, total interest and payoff date from your balance, interest rate and term.
On unsubsidized federal loans and most private loans, interest accrues while you study and during grace periods, and it can capitalize β be added to the principal β which increases the balance that future interest is charged on.
Paying more than the minimum is the simplest accelerator: extra payments go straight to principal, shortening the term and cutting total interest. If you hold several loans, targeting the highest interest rate first (the avalanche method) saves the most money. Making interest payments during school or a grace period limits capitalization.
Refinancing with a private lender can lower the rate for borrowers with strong credit, but doing so on federal loans gives up protections like income-driven plans and forgiveness β so weigh that trade-off carefully before consolidating. Use the calculator to see exactly how extra payments change your payoff date.
Enter your balance, interest rate and repayment term, and it shows your monthly payment, total interest and payoff date. You can test extra payments to see how much faster the loan clears.
Pay more than the minimum, target the highest-rate loans first, and make payments while in any grace period to limit interest capitalisation. Even small extra amounts shorten the term.
Federal loans default to a 10-year standard plan, though income-driven and extended plans can stretch payments over 20-25 years, lowering the monthly amount but raising total interest.
On unsubsidized US federal and most private loans, yes β interest builds during school and grace periods and may capitalise (be added to principal), increasing what you repay.