Student loan repayment calculator
Your repayment depends on your plan and on what you earn above its threshold, not on how much you owe.
| Salary | £40,000 |
| Repayment threshold (Plan 2) | £29,385 |
| 9% of £10,615 | £955.35 |
| Total per year | £955.35 |
| Per month | £79.61 |
Repayment thresholds for 2026–27
| Plan | Who has it | Yearly threshold | Rate |
|---|---|---|---|
| Plan 1 | English or Welsh students who started before September 2012; Northern Ireland | £26,900 | 9% |
| Plan 2 | English or Welsh students who started between September 2012 and July 2023 | £29,385 | 9% |
| Plan 4 | Scottish students | £33,795 | 9% |
| Plan 5 | English students who started from August 2023 | £25,000 | 9% |
| Postgraduate Loan | Master’s or doctoral loans | £21,000 | 6% |
Repayments at common salaries
| Salary | Plan 1 | Plan 2 | Plan 4 | Plan 5 |
|---|---|---|---|---|
| £30,000 | £23/mo | £5/mo | £0/mo | £38/mo |
| £40,000 | £98/mo | £80/mo | £47/mo | £113/mo |
| £50,000 | £173/mo | £155/mo | £122/mo | £188/mo |
| £60,000 | £248/mo | £230/mo | £197/mo | £263/mo |
If you have a Postgraduate Loan and an undergraduate loan, you repay both at the same time. Anything still owed is written off after a set number of years, which differs by plan.
How repayments come out of your pay
If you are employed, your employer takes repayments through PAYE each pay day, using the monthly or weekly threshold: £2,448.75 a month for Plan 2. That means a month with overtime or a bonus can trigger a repayment even if your yearly pay is below the threshold. Self-employed people repay through their Self Assessment tax return instead.
Repayments are not tax-deductible, and they do not change your income tax or National Insurance.
Questions
How much will I repay on £40,000 with Plan 2?
£79.61 a month: 9% of the £10,615 you earn above £29,385.
Does the amount I owe change my repayments?
No. Repayments depend only on your income. The balance and interest affect how long you repay and whether anything is written off.
What if I earn under the threshold?
You repay nothing that month. If your pay goes up and down, you can be due a refund at the end of the tax year.
Sources
- GOV.UK: Rates and thresholds for employers 2026 to 2027 (student loans)
- GOV.UK: Repaying your student loan
Checked 28 September 2026. OneCalcs is independent and not affiliated with HMRC or any government department.