How lengthy will it take you to repay your student loan? And how a lot will you find yourself paying? Use our UK student loan reimbursement calculator to reveal the true price of college.
Your student loan debt grows with curiosity over time, however solely turns into repayable when you earn a wage above a sure threshold. Make positive you see our information to student finance.
Note: This reimbursement calculator is for students from England and Wales solely. Please make sure you enter your annual tuition price and upkeep loan quantities.
Explanation of reimbursement outcomes
It may not appear apparent, however there are such a lot of variables concerned right here and the backstage student loan reimbursement calculations are extraordinarily advanced. Honestly – we’re stunned we’re nonetheless sane sufficient to put in writing this! And with that in thoughts, take these outcomes merely as an estimation of your repayments.
Our student loan reimbursement calculator (UK) takes under consideration:
1. Average Inflation (RPI) – impacts a number of calculations such because the curiosity in your loan and wage progress. We’ve estimated it at 2.8%.
2. Salary Growth – we add this % to RPI which provides you an concept of how a lot your wage will develop above inflation. We’ve estimated it at 1.5%.
You can alter each of those utilizing the Advanced part of the calculator.
We’ve additionally needed to make these crucial assumptions:
- You will not have any profession breaks
- Your wage will improve steadily with a yearly pay-rise
- The reimbursement threshold from 2021 is £27,295 and can rise by common UK earnings progress (assumed to equal RPI)
- Your upkeep loan is paid in 3 equal instalments at the beginning of every time period
- You begin to repay your loan 1 12 months after graduating
- Values are calculated on how a lot cash is value immediately
- Your tuition charges would be the identical every year.
It’s additionally value noting that repayments of your student loan are taken off month-to-month, however the curiosity is accrued every day.
Please observe figures are estimates and variables topic to alter. Please direct any suggestions or bug experiences to our contact web page, and examine together with your student loan supplier for precise monies owed.