Education Loan Calculator — UK
Estimate your UK education-loan EMI, accounting for the study-period moratorium. Free, no signup.
Why this calculator is only indicative for UK student finance
This calculator models a standard amortizing loan: a fixed balance repaid in equal instalments over a fixed term. UK student finance (administered by the Student Loans Company / Student Finance England) doesn't work that way. It's an income-contingent charge that behaves much more like a graduate tax: you repay 9% of income above a threshold every month via PAYE or Self Assessment, for up to 40 years, and any balance still outstanding at the end is written off — regardless of how much interest has piled up. There's no fixed monthly instalment, no fixed term tied to the amount borrowed, and many graduates never clear the balance before it's cancelled. Use the calculator above only to get a rough sense of the amortizing-style monthly cost; for your real repayment, use the 9%-of-income rule below instead.
Plan 5, tuition fees and how the numbers actually work
English students starting an undergraduate course, PGCE, Advanced Learner Loan or Lifelong Learning Entitlement course on or after 1 August 2023 are on Plan 5. For the 2026–27 academic year, the tuition fee loan cap for new full-time undergraduates in England is £9,790 a year, up from £9,535 in 2025–26; most students also borrow a separate maintenance loan for living costs, and total borrowing over a three-year degree typically runs well into five figures once fees and maintenance are combined.
Under Plan 5, you start repaying once your income exceeds £25,000 a year (£2,083/month), at a rate of 9% of income above that threshold (so someone earning £30,000 repays 9% of £5,000 — about £37.50 a month), and any remaining balance is written off 40 years after the April you were first due to repay. Interest is set relative to RPI (the Retail Prices Index) rather than a bank-style fixed rate: for the current period, the Plan 5 rate is a flat 4.1% for everyone, unlike Plan 2 (for English/Welsh students who started between 2012 and 2023), where interest is a variable rate capped at 6% and scales with income between 4.1% and 6% up to a £52,885 income threshold, and the repayment threshold is £29,385 a year. Which plan applies depends on when you started your course, not on your choice.
Frequently Asked Questions
Which student loan plan am I on?
If you're an English student who started an undergraduate course, PGCE, Advanced Learner Loan or Lifelong Learning Entitlement course on or after 1 August 2023, you're on Plan 5. Students who started between 1 September 2012 and 31 July 2023 are on Plan 2. Your plan depends on when you started and where you're from, not on your choice.
What is the Plan 5 repayment threshold and rate?
You repay 9% of your income above £25,000 a year. Nothing is due below that threshold, and repayments are usually deducted automatically through PAYE if you're employed, or via Self Assessment if you're self-employed.
When is a Plan 5 loan written off?
Any remaining balance is written off 40 years after the April you were first due to start repaying — whatever is left, including accrued interest, is cancelled at that point.
Why doesn't the calculator above match how my UK loan actually repays?
The calculator assumes a fixed loan repaid in equal monthly instalments over a chosen term, like a mortgage or car loan. UK student finance is income-contingent instead: your monthly repayment depends only on your income, not on how much you borrowed, and unpaid balances are eventually written off. Treat the calculator's output as a rough illustrative EMI, not your real Student Loans Company repayment.
Sources
- GOV.UK — Which repayment plan you're on (Plan 5 eligibility) (accessed 24 September 2026)
- GOV.UK — Student finance for new full-time students (2026–27 tuition fee cap) (accessed 24 September 2026)
- GOV.UK — What you pay: Plan 5 and Plan 2 thresholds, rates and interest (accessed 24 September 2026)
- GOV.UK — Student loans interest rates and repayment threshold announcement (Plan 5 RPI rate) (accessed 24 September 2026)
- Student Loan Repayments — Plan 5: £25,000 threshold, 9% rate, 40-year write-off (citing GOV.UK) (accessed 24 September 2026)