How much you repay (2026/27)
| Plan | You repay | Written off after |
|---|---|---|
| Plan 1 | 9% over £26,900 (£28,005 from April 2027) | 25 years |
| Plan 2 | 9% over £29,385 | 30 years |
| Plan 4 (Scotland) | 9% over £33,795 | 30 years |
| Plan 5 | 9% over £25,000 | 40 years |
| Postgraduate Loan | 6% over £21,000 | 30 years |
Repayments come out of your wages automatically, like tax. If you earn under the threshold, you pay nothing. Older Plan 1 and Plan 4 loans can be written off at age 65 instead.
Interest from September 2026
- Plan 1, Plan 4 and Plan 5: 4.1%.
- Plan 2: from 4.1% up to 6%, depending on your income. It would have reached 7.1%, but is capped at 6% until August 2027.
- Postgraduate Loan: 6%, the capped rate.
Should you overpay?
Only if you’re likely to clear the loan before it’s written off. Many people on Plan 2 and Plan 5 never will, so extra payments just reduce what gets cancelled. This calculator shows which group you’re in, and how much overpaying £100 a month would save.
Worked example
Alex is on Plan 2, owes £45,000, earns £32,000 and started repaying in 2022.
| Repays now | About £20 a month |
|---|---|
| Clears the loan? | No, written off in 2052 |
For Alex, overpaying would mostly be wasted. If Alex earned £60,000, the loan would be paid off before 2052, and overpaying would save money.
Questions
Does my student loan affect my credit score?
No. Student loans for UK courses don’t appear on your credit file, but mortgage lenders may count your monthly repayment when working out what you can afford.
What if I move abroad?
You still have to repay. You’ll need to tell the Student Loans Company and pay them directly.
What does this calculator leave out?
Career breaks, changes to the rules, and Bank of England base rate changes that can lower Plan 1 interest. It’s a guide, not financial advice.
Sources
- GOV.UK: What you pay
- GOV.UK: When your loan is written off
- GOV.UK: Interest rates from September 2026
- GOV.UK: 6% cap on Plan 2 interest
- IFS: Plan 2 threshold freeze