Student Loan Calculator UK & US — Should You Overpay?
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Get My Free Debt Plan →Most people with a UK student loan have no idea what they will actually pay back. They see the balance — £45,000, £52,000, £60,000 — and panic. But the balance is almost never what you pay. What matters is your salary, your plan, and whether the loan gets written off before you clear it.
This calculator shows you the real numbers. Monthly deduction from your pay. Total you will actually hand over. What gets written off. And the one question most people get wrong — whether overpaying your student loan makes any financial sense at all.
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How the UK Student Loan Calculator Works
Select your plan — Plan 1, 2, 4, 5 or Postgraduate — enter your current balance, gross salary and graduation year. The calculator uses the exact repayment thresholds and interest rates for each plan, projects your salary forward at your chosen growth rate, and shows you the precise year your loan either clears or gets written off.
UK Student Loan Plans — Key Facts 2026
Plan 2 — Most common (started uni Sept 2012–2023, England/Wales)
Repayment threshold: £29,385/year. Rate: 9% of everything above the threshold. Interest: up to 7.3% RPI+3% while studying, RPI only once earning below threshold. Written off: 30 years after repayment start date. The majority of Plan 2 borrowers will never clear their loan — it gets written off. Overpaying is usually not recommended.
Plan 5 — New borrowers from August 2023 (England)
Repayment threshold: £25,000/year. Rate: 9% above threshold. Written off: 40 years after repayment start. Lower threshold + longer write-off period means more people will repay in full. Run your numbers in the calculator to see if you are one of them.
Plan 4 — Scotland (SAAS)
Threshold: £31,395/year. Rate: 9% above threshold. Written off: 30 years. Important: Plan 4 debt in Scotland is subject to Scottish prescription law. If your loan defaulted and 5 years passed with no payment or acknowledgment, the debt may be legally extinguished — not just unenforceable. Check with SAAS before making any payment on an old defaulted Plan 4 account.
The Overpaying Question — Most People Get This Wrong
The most common mistake with UK student loans is overpaying when you should not. If your salary trajectory means your loan will be written off before you clear it — which applies to the majority of Plan 2 borrowers — every extra pound you put in is money you would never have had to pay anyway. The calculator’s What If Simulator shows you exactly which side of the line you fall on.
US Student Loan Plans — IBR vs PSLF vs Standard
For US borrowers the key question is plan selection. Standard plan clears in 10 years with no forgiveness. IBR offers lower monthly payments with forgiveness after 20 years — but that forgiveness may be taxable. PSLF wipes the remaining balance tax-free after 10 years of public service payments. The calculator shows the exact cost and forgiveness amount for each plan based on your numbers. Note: RAP (Repayment Assistance Plan) replaces SAVE from July 2026 — check StudentAid.gov for the latest.
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Get My Free Debt Plan →Frequently Asked Questions — Student Loan Calculator
Does my UK student loan affect my credit score?
No. UK student loans do not appear on your credit file. They are not reported to Experian, Equifax or TransUnion. Lenders cannot see your student loan balance when assessing your mortgage application — but they will ask about your monthly repayment deduction when calculating affordability.
Should I overpay my Plan 2 student loan?
For most Plan 2 borrowers the answer is no. The calculator will show you your salary trajectory and whether you are on track to clear the loan or have it written off. If it gets written off, overpaying is wasted money. If you are on a high salary and will clear it well before the 30-year mark, overpaying could save you interest. Run your numbers — the answer is personal.
What happens to my student loan if I move abroad?
You are still legally required to repay your UK student loan if you move abroad. You must notify the Student Loans Company and make repayments directly — they will not be taken from your wages automatically. Repayment amounts are based on your income in the country you live in, converted to GBP.
What is the student loan interest rate in 2026?
Plan 2 interest is linked to RPI inflation. While studying and until April after you graduate, interest is RPI+3%. After that it varies between RPI only and RPI+3% depending on your income. Plan 5 interest is RPI only throughout. Plan 4 (Scotland) uses RPI only. Rates change every September — check the Student Loans Company for current rates.
Can I include my student loan in a debt payoff plan?
Yes — our AI Debt Payoff Planner lets you add your student loan alongside credit cards and personal loans so you can see your complete debt picture. For most UK borrowers we recommend focusing extra payments on higher-interest consumer debt first — the student loan either clears naturally or gets written off.
What is the RAP plan replacing SAVE in the US?
The Repayment Assistance Plan (RAP) is replacing the SAVE plan from July 2026. RAP bases payments on 1–10% of your full Adjusted Gross Income and offers 30-year forgiveness (taxable). If you were on SAVE, check StudentAid.gov from July 2026 to understand your new repayment amount and options.
Related reading: How to Pay Off Debt — Complete Guide · Student Budget Planner · Should I Save or Pay Off Debt?
Disclaimer: DebtShift is an educational platform. Results are algorithmic projections based on the information you provide. Not financial advice. UK student loan thresholds and interest rates change annually — verify current rates with the Student Loans Company. US borrowers should check StudentAid.gov for current plan details. DebtShift is not FCA regulated.
FREQUENTLY ASKED QUESTIONS
When do I start repaying my student loan in the UK?
The April after you finish or leave your course — but only if your income is above your plan threshold. Plan 5 borrowers started repaying from April 2026 for the first time.
What happens if I never fully repay my student loan?
It gets written off automatically. Plan 1 after 25 years. Plan 2 after 30. Plan 4 after 30. Plan 5 after 40. Postgraduate after 30. All tax-free. No credit impact. No chasing letter. It just disappears.
What is IBR in the US?
Income-Based Repayment. It caps your monthly payment at 10% of your discretionary income. After 20 years of payments, the remaining balance is forgiven. Warning — that forgiven amount may be taxable income in that year.
What is PSLF?
Public Service Loan Forgiveness. Work for a government or non-profit employer, make 120 qualifying payments over 10 years, and your remaining federal student loan balance is wiped completely — tax-free. It is the best deal in US student loan repayment if you qualify.
Should I overpay my UK student loan?
Almost certainly not. Around 70% of Plan 2 graduates never repay in full before write-off. Every voluntary overpayment you make toward a loan that gets written off anyway is money you never get back. Only overpay if this calculator shows you will clear the balance before your write-off date.
What is the RAP plan in the US?
The Repayment Assistance Plan replaces SAVE from July 2026. Payments are based on 1–10% of your full income (not discretionary). Forgiveness after 30 years. Unlike SAVE, forgiven amounts under RAP are taxable. It is not yet available to enrol — check StudentAid.gov from July 2026.
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← Back to the Debt Payoff Hub Start Your Free AI Plan →DebtShift is an educational platform — not a debt management firm or financial adviser. UK users seeking free debt help visit StepChange.org. US users visit NFCC.org.