- The average UK graduate earns £38,500 and has £48,470 in student debt.
- They will never pay off their full loan, instead they will pay back 9% of their salary over the threshold for the rest of their working life.
- The interest on the loan starts the moment you first receive the loan, not after you've graduated. This means while at University your loan will be gaining interest.
If you are earning below £27,295 you will not repay anything and the debt is wiped after 30 years
Yearly Salary
£
Monthly Breakdown
| Gross Salary | £3,208.33 |
| Income Tax | £432.17 |
| National Insurance | £172.87 |
| Pension Contributions | £107.53 (legal minimum) |
| Loan Repayments | £84 |
| Net Salary | £2,519.3 (21.48% deducted) |
Undergraduate Debt
£
Overall
| Total Debt | £48,470 |
| Interest Rate | 7.9% |
| Yearly Repayment | £1,008 |
| Years to Clear | 30 (30 year limit) |
| Total Repaid | £30,240 |
| Final Debt | £362,253.19 (30 year limit) |
