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- New graduates earn around £28,000 on average. Across all working-age graduates it is closer to £38,500.
- Most leave university with around £48,470 of debt. On the average salary, they will never repay it in full.
- You pay 9% of anything earned above £27,295, until the debt is wiped after 30 years (Plan 2).
- Interest starts the moment you receive your first loan instalment. Your balance grows while you are still at university.
Plan
Repay 9% on earnings above £27,2953.2% to 6.2% interest rate (varies by salary)Debt wiped after 30 years
Yearly Salary
Monthly Breakdown
| Gross Salary | £2,333.33 |
| Income Tax | £257.17 |
| National Insurance | £102.87 |
| Pension Contributions | £90.66 5% employee contribution, pre-tax |
| Loan Repayments | £5 |
| Net Salary | £1,968.30 15.64% deducted |
Loan Balance
Monthly Overpayment
Overall
| Total Debt | £48,470 |
| Interest Rate | 3.3% |
| Yearly Repayment | £60 |
| Years to Clear | 30 30 year limit |
| Total Repaid | £1,800 |
| Final Debt | £0 Wiped after 30 years Balance would reach £125,263 |
Balance Over Time
How your balance changes year by year at the current salary, debt, and plan.
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