Loan Calculator

Loan Calculator

Loan Calculator

student loan repayment calculator  - This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)

This loan calculator assumes that the interest rate remains constant throughout the life of the loan. The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 7.9%. (Perkins loans have a fixed interest rate of 5%.)

This loan calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.

Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.

Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment.

The questions concerning enrollment status, degree program and total years in college are optional and are designed to evaluate whether the total debt is excessive. The total years in college should include the total number of years in college so far (or projected) corresponding to the loan balance, including previous degrees received.



How repayments are calculated

How much you will repay

Your employer will take repayments from your salary during any pay period where your earnings before tax are over the weekly or monthly threshold.

By pay period, we mean each time you receive your salary. This could be every:

    Week
    Two weeks
    Four weeks
    Calendar month

The earnings threshold is:

    £336 a week
    £1,457 a month
    £17,495 a year

You pay 9% of your income over the threshold.

For example, if you are paid monthly and earn £1,750 before tax per month you would repay 9% of the difference between what you earn and what the threshold is:

£1,750 - £1,457 = £293

9% of £293 = £26

So your student loan repayment would be £26 a month.

Example repayment amounts

Income each year before tax	Monthly salary	Monthly repayment
Up to £17,495	£1,457	£0
£18,500	£1,541	£7
£21,000	£1750	£26
£24,000	£2000	£48
£27,000	£2250	£71
£30,000	£2500	£93

If your income changes during the year

If your income changes, either rising or falling, your repayment amounts will automatically change to reflect this.

Making repayments despite earning under the annual threshold

You may still have to make student loan repayments when you earn below £17,495 a year.

This will happen if your salary goes above the weekly or monthly threshold during any given pay period.

For example, if you are paid weekly and normally earn less than £336 (the weekly threshold), you wouldn’t have to repay. But if you did an extra shift or received a bonus which took your pay above £336 for that week, you would make a repayment as it is over the threshold.

If your income is equal to or below £17,495 in any one tax year, you will be entitled to apply to us at the end of that tax year for a refund of your student loan repayments if you wish.

Unearned income

If you have unearned income of more than £2,000 a year, for example interest on stocks, shares or savings, you may have to make additional student loan repayments.

HM Revenue & Customs will advise you if you need to make any payments directly to them in respect of student loans once they have assessed any Self Assessment tax return you submit to them.

I have a plan 1 and a plan 2 loan, how do my repayments work?

The amount you repay to each type plan depends on your income. Your employer will carry out one calculation of 9% so only one repayment amount will show on your payslip.

The repayment threshold for Plan 1 is £17,495 and for Plan 2 the threshold is £21,000. So, if you earn less than £17,495 you won’t make any repayments at all.

If your income is between £17,495 and £21,000 you’re repayment will be applied to your Plan 1 loan.

If your income is more than £21,000 your repayment will be spread across your Plan 1 and Plan 2 loans.

The table below shows how repayment amounts are split and applied to each plan type when you’re repaying both a Plan 1 and a Plan 2 loan.

 

Your income	Amount paid to plan 1 loan	Amount paid to plan 2 loan	Total monthly amount paid to all loans
Up to £17,495 (the plan 1 income threshold)	£0	£0	£0
£18,000	£4 per month	£0	£4 per month
£21,000 (the plan 2 income threshold)	£27 per month	£0	£27 per month
£25,000	£27 per month	£30 per month	£57 per month
£32,000	£27 per month	£82 per month	£109 per month

I have a Plan 1 and a Plan 2 loan, what happens when I pay one plan type off?

When you’ve repaid one of your plan types we’ll write to you to let you know.

If you repay your Plan 1 loan first, you’ll start, or continue, to make repayments towards your Plan 2 loan. Find out more about Plan 2 thresholds

If you repay your Plan 2 loan first, you’ll start, or continue, to make repayments towards your Plan 1 loan. See the weekly, monthly and annual thresholds above.

You’ll only make repayments if your income is over the relevant threshold.


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