Student loan calculator 2023

How long will it take you to repay your student loan? And how much will you end up paying? Use our UK student loan repayment calculator to reveal the true cost of university.

student loan calculatorYour student loan debt grows with interest over time, but only becomes repayable once you earn a salary above a certain threshold. Make sure you see our guide to student finance.

Note: This repayment calculator is for students from England and Wales only. Please ensure you enter your annual tuition fee and maintenance loan amounts.

Student loan repayment calculator

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Explanation of repayment results

It might not seem obvious, but there are so many variables involved here and the backstage student loan repayment calculations are extremely complex. Honestly - we're surprised we're still sane enough to write this! And with that in mind, take these results simply as an estimation of your repayments.

Our student loan repayment calculator (UK) takes into account:

1. Average Inflation (RPI) – affects a few calculations such as the interest on your loan and salary growth. We've estimated it at 2.8%.

2. Salary Growth – we add this % to RPI which gives you an idea of how much your salary will grow above inflation. We’ve estimated it at 1.5%.

You can alter both of these using the Advanced section of the calculator.

We've also had to make these necessary assumptions:

  • You won't have any career breaks
  • Your salary will increase steadily with a yearly pay-rise
  • The repayment threshold from 2021 is £27,295 and will rise by average UK earnings growth (assumed to equal RPI)
  • Your maintenance loan is paid in 3 equal instalments at the start of each term
  • You start to repay your loan 1 year after graduating
  • Values are calculated on how much money is worth today
  • Your tuition fees will be the same each year.

It's also worth noting that repayments of your student loan are taken off monthly, but the interest is accrued daily.

What's the cost of your tuition per hour? Click here to find out!

Please note figures are estimates and variables subject to change. Please direct any feedback or bug reports to our contact page, and check with your student loan provider for actual monies owed.