# Student Loan Repayment Calculator

Welcome to my student loan calculator! I have designed this calculator to help current and past students figure out how long it will take them to pay off their debts.

By giving it a loan ammount and base salary, this tool will give you a rough estimate of how many years it will take you to pay off your debts, will give you the average yearly and monthly payments and will also take into account yearly salary increases if you want it to do so! More than that, it will also take into account the interests generated by your loan every year (based on an average of 1,5% , though its changes every year) and will let you know how much if it you will actually be paying.

Using it is really straightforward: Select when you started your course (before or after 2012) then use the sliders to select the relevant values to you. One you are happy with everything, simply click « calculate! » and you are done.

Results

You will replay your loan in…

Click on Calculate

Average Yearly repayment:

Average Montly repayment:

Loan final cost:

Total repaid:

Total interests:

## 0 commentaires

1. gary dit :

Very useful, thanks.

Only 9 years left, lol

1. Gary dit :

Can’t be bad, now down to 5 years!

2. Kit dit :

Hi, I would like to know more about your calculations. By my calculation the total amount paid varies from yours and I want to check I haven’t missed something out!

Have you worked out the pre 2012 repayment by taking into account the threshold of £16,365 and only making minimum payments of 9% of anything above that?

Thanks

1. Geoffrey dit :

Hum, your comment prompted me to check, and it seems the repayment conditions have changed for pre 2012 ? It would seem the threashold increased to £15,795 (whereas my tool is still base on the £15,000). I will update this.

As for the calculations, for each year it works out the interest payable on the current balance (it assumes a 1.5% increase per year based on past trend), then works out how much would have been paid off in that year based on the given salary (accounting for pay increase if selected). If balance is left at the end on this, it moves on to the next year and so on until it reaches the « debt written off » threashold or that the balance has been paid off fully.

This tool makes a few assumptions and guesses as there is a lot of unknown and unpredictable variables here.

Let me know if I’m not making any sense, it’s late !

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5. Sam dit :

There is an error in total amount repaid, for example if I put in a pre 2012 £11000 loan with a salary of £59k then it tells me it will take 3 years to repay the loan, with £156 interest but the loan total repaid is something like £11665

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http://www.e-loancalculator.org/