Loan & Student Finance Calculator
Calculate student loan repayments, income thresholds, interest accrual, and loan write-off forecasts for UK Plans 1-5, US Federal IDR, and custom loans.
| Year | Projected Salary | Annual Repaid | Interest Accrued | Remaining Balance |
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About this tool
How to use it
- Select your student loan system or repayment plan (UK Plan 2, Plan 5, Postgraduate, US Federal Standard 10-Year, US Income-Driven, or Custom Loan).
- Enter your total loan balance (or combined tuition and maintenance amounts), your current annual salary, and estimated annual wage growth.
- Click 'Calculate Student Loan Repayment' to see your monthly deductions, threshold exemptions, lifetime cost, and projected debt write-off.
Why it matters
['Student loans operate radically differently from commercial bank loans: UK loans function like an income-contingent graduate tax that is written off after 30 or 40 years.', 'US student loans offer income-driven repayment plans (IDR) where your payment depends strictly on discretionary earnings above the federal poverty guideline.', 'Understanding your true marginal deduction rate prevents unpleasant surprises when getting a pay raise or deciding whether to overpay your balance early.']
When to use it
['Before enrolling in university or graduate school to model prospective student debt loads against anticipated career earnings.', 'When negotiating a salary increase or changing jobs to calculate exact take-home pay deductions after student finance withholding.', 'When evaluating whether making voluntary extra repayments is financially advantageous or wasteful due to loan forgiveness timelines.']
Common questions
How does the UK Plan 5 student loan differ from Plan 2?
Plan 5 applies to undergraduate students starting in England from September 2023 onwards. The repayment threshold is fixed at £25,000 (lower than Plan 2's £27,295), the repayment period extends to 40 years (vs 30 years for Plan 2), and interest is capped at RPI with no additional percentage premium.
Should I make voluntary lump-sum overpayments on my student loan?
For most UK graduates on income-contingent loans, overpaying is financially irrational unless you are a very high earner projected to clear the full debt before the 30- or 40-year write-off window expires. Money overpaid cannot be retrieved and does not reduce monthly payments.
Does my student loan affect my ability to get a mortgage?
Yes, but as an affordability factor rather than adverse credit. Lenders treat student loan deductions as a regular monthly expenditure deduction from your net income, which slightly reduces the maximum loan amount you can borrow.
Is any of my financial salary or loan data stored?
No. All calculations run 100% client-side in your web browser. Zero personal, salary, or loan balance data is ever sent to any remote server.