Student finance. Student loans. It’s mind boggling. It’s a huge amount of money. It’s something you don’t even know if you’ll ever pay back. Student loans are maybe one of the biggest stresses when you’re at University.
To help you get an idea of the damage, a Student Loan Calculator might help you figure it all out.
It’s a tricky thing to calculate how much your uni loan will cost you. How much you have to pay back to the Student Loans Company will always depend on a few things.
Are you on Student Loan Plan 1, 2 or 4
How much you earn once you’ve graduated
Which country you are studying in
The date in which you started your course
The interest accrued
The current rate of inflation
Calculating student loan repayments can be pretty complicated. The good news is, there are student loan calculators out there which do all the math for you, and tell you how much your repayments are. Our favourite is
but it’s always worth double checking with the details below, and in your
Gov.uk Student Loans Portal
. These tools will tell you how loan repayments are to Student Finance England, Scotland, Wales & Northern Ireland.
When taking out a Student Loan in the UK, you will only ever start paying back your loan from the first April after you graduate, and only when you earn above a certain amount. This is called the Student Loan Threshold.
UK Student Loans are not treated like private debts. Loan repayments are taken directly from your pay, a bit like a tax. They are only deducted from your wages, once you meet a minimum earnings threshold. As payments are worked out based on your income, they will increase and decrease as your wages increase and decrease.
Plan 1: £388 a week, £1,682 a month, or £20,195 a year
Plan 2: £524 a week, £2,274 a month, or £27,295 a year
Plan 4: £487 a week, £2,114 a month, or £25,375 a year
If you’re looking for more information about Student Loan Repayments, want to get to find out which Loan Plan are you on, how interest is applied to what you borrowed, how it’s repaid, do they get written off, and everything else. Click Here to visit the
Student Loan Repayments Guide
If you’re looking for more advice and information on Student Finance in general, check out our
Student Finance Guides