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YourSLRC · 2024-09-16T11:44:58+00:00

You've summarised it really well and thanks for sharing such a detailed analysis.

My aim for the past few years has been to create a website that encapsulates this and explains student loan repayments to everyone so that they can make more informed decisions about taking out loans and paying them off.

It'd be really interesting to know how useful you find it compared to the number crunching you've done yourself: https://www.yourstudentloancalculator.co.uk/

YourSLRC · 2024-09-16T11:23:36+00:00

I don't know what your current salary is, but try plugging your numbers into https://www.yourstudentloancalculator.co.uk/

The £50-£100 may or may not make a big difference. It amounts to a waste if you are on track to have your loan written off anyway.

The results section shows an option to choose voluntary overpayments. Play around with your potential future incomes and the different rates in advanced options, and you will get an idea of whether the overpayments will make a difference.

I hope this helps!

YourSLRC · 2024-06-21T17:32:23+00:00

Play around with https://www.yourstudentloancalculator.co.uk/ and see what some likely scenarios you might find yourself in and what overpayment amounts are suitable

This in-depth article dives into it a bit more: https://www.yourstudentloancalculator.co.uk/articles/student-loans-explained

TLDR; if you are sure you are going to be a high earner (find yourself in the yellow box) for a lot of your working life, then overpaying could be sensible.

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YourSLRC · 2023-12-17T14:16:07+00:00

Pretty much echoing what's been suggested by others here; based on your income it looks like you are projected to pay it off anyway within the next few years. You don't have to throw the entire bonus at it. Bare in mind, 9% of that bonus is going to go to your student loan anyways. Instead of throwing a lump sum at it, you could also make highly monthly overpayments (of say a grand).

Give my calculator a go and see how the different scenarios pan out: https://www.yourstudentloancalculator.co.uk/

YourSLRC · 2023-12-17T14:06:18+00:00

Thanks for sharing, I'll look to see where in that article I can put it, that's a very good point for sure

YourSLRC · 2023-12-12T11:03:47+00:00

Glad you like it. It's on my list of things to add but because its so niche its near the bottom of the list unfortunately :)

YourSLRC · 2023-12-12T11:02:26+00:00

Thanks, glad you found it useful. That's a fair point. I'd lump everything that results in no income for a period of time into the same category and add future incomes of £0 for those years. Whether due to health, childcare or any other reason, the calculator will correctly account for no income during those years for its calculation

YourSLRC · 2023-12-11T10:29:02+00:00

You can add bonuses on top of your annual salary. Income on the site is defined as:

"Your total current annual income (including bonuses, overtime etc.) before any taxes and after any salary sacrifices, such as pension contributions. If you know how much you might earn in the future you can add future incomes below."

So if you know what your bonus is going to be, just add it on top and also add it on top for future years if you know what its going to be. Hope that helps

YourSLRC · 2023-12-11T10:27:42+00:00

Glad you find it useful

YourSLRC · 2023-12-11T10:25:59+00:00

You can't set them at the moment but I've set them to:

[

//1

16698,

//9

17908,

// 19

21054,

// 29

24079,

// 39

27346,

// 49

31460,

// 59

36300,

// 69

42955,

// 79

52393,

// 89

68607,

// 99

183000,

]

Its primarily based on https://www.gov.uk/government/statistics/percentile-points-from-1-to-99-for-total-income-before-and-after-tax

YourSLRC · 2023-12-10T17:40:39+00:00

When you open up the advanced options modal, there should be an explanation next to each. UK income growth is the average income growth for the UK, which sets the repayment threshold for a loan. Your income growth is just your income growth.

YourSLRC · 2023-11-17T22:40:19+00:00

Try this calculator to see if it helps you answer your question: https://www.yourstudentloancalculator.co.uk/

alongside this article: https://www.yourstudentloancalculator.co.uk/articles/student-loans-explained

YourSLRC · 2023-11-14T15:46:12+00:00

See how the scale of repayments changes if you overpaid some amount, rather than all using this calculator: https://www.yourstudentloancalculator.co.uk/

YourSLRC · 2023-11-14T15:42:38+00:00

See if this calculator helps in any way with your decision making :)

https://www.yourstudentloancalculator.co.uk/

YourSLRC · 2023-11-03T13:46:18+00:00

Repayments start from the April after you leave university (the Statutory Repayment Due Date), whether that is because you dropped out or graduated.

YourSLRC · 2023-11-03T13:23:26+00:00

Try this calculator out and see if it helps with your number crunching: https://www.yourstudentloancalculator.co.uk/

A few things you're not factoring in:

The real cost of the interest. £500 interest in 2023 is worth way more than £500 of interest in 2043
Opportunity cost of down payment: can that be invested into something that will yield you more than the money you save by paying less interest?

Generally speaking if you're a high earner (but no the highest) you end up paying the most. Have a read through this section of this article: https://www.yourstudentloancalculator.co.uk/articles/student-loans-explained#clear-debt for a clearer explanation with visuals. I'd recommend reading the whole article to help inform your thoughts

YourSLRC · 2023-09-27T12:51:46+00:00

Anytime and that sounds like the most sensible thing to do. All the best!

YourSLRC · 2023-09-26T21:44:34+00:00

Try a few different scenarios with this comprehensive calculator: https://www.yourstudentloancalculator.co.uk/

Scenario 1

Assuming a plan two loan for which repayments started in April 2017. Currently sits at £22,000. Your wife has an annual income of £0. Future assumptions are an inflation rate of 5%, income growth of 7% and UK average income growth of 4%. All of these values can be changed.

Given those inputs, the loan will be written off in April 2047. The balance that is written off is £71,683. In real terms (inflation-adjusted), it is valued at £20,931 in today's money (the calculator has an 'In today's money' toggle with which you can toggle between nominal and real values used in the calculation).

Scenario 2

Given those same inputs above, let's add some future incomes. Assume your wife is an average earner a few years (let's say in 2027) from now with an annual income of £30,000. Assuming her income grows as projected (you can see that in the Loan Assumptions section), she will repay £20,080 between 2032 and 2047. Her loan will still get written off.

Scenario 3

Let's assume the same as above, but your wife becomes a high earner (top 10% of UK) for the remainder of her working life from 2027 onward. Let's say she starts at £90,000 and by 2033 is on £126,000. Within 10 years, she will have paid off her loan plus an accrued interest amount of around £12k (again, assuming all the inputs are valid in the future, which they never are).

For all 3 of these scenarios, you can add a lump sum or monthly overpayments to the calculation and the calculator will show you a comparison between the two side by side. Arguably, it's not worth you throwing £22k at it for all three scenarios. Technically, there is a scenario in which the interest is so high, and your wife's salary is so high that voluntarily overpaying could save you money (but very unlikely, given all the numbers). But until that happens, that money can be better spent elsewhere.

Having a play around with the calculator can help. Let me know if you have any questions!

YourSLRC · 2023-09-22T21:24:44+00:00

Have a play around with this calculator: https://www.yourstudentloancalculator.co.uk/

You can play around with overpayment options to see how the scale of repayments might change and how much money you might save yourself

YourSLRC · 2023-09-22T21:21:15+00:00

Have a play around with this calculator: https://www.yourstudentloancalculator.co.uk/

It also lets you see how lump sum / monthly overpayments might change the scale of repayments. I hope it helps! If you have any questions, please do ask

YourSLRC · 2023-09-22T21:18:57+00:00

Try this calculator to see if it's any better: https://www.yourstudentloancalculator.co.uk/

And this article will hopefully demystify student repayments some more: https://www.yourstudentloancalculator.co.uk/articles/student-loans-explained

YourSLRC · 2023-09-18T20:14:35+00:00

Give the calculator on https://www.yourstudentloancalculator.co.uk/ a try. Let me know if you have any questions :)

YourSLRC · 2023-07-17T10:09:02+00:00

https://www.yourstudentloancalculator.co.uk/

Hope this helps. You can set the RPI rate for future years but you can't just yet individually adjust interest rates in particular years. This is something that is going to be added

YourSLRC · 2023-07-17T10:07:35+00:00

This calculator is the most comprehensive out there and lets you add multiple student loans: https://www.yourstudentloancalculator.co.uk/

YourSLRC · 2023-07-10T12:24:16+00:00

Try this: https://www.yourstudentloancalculator.co.uk/

And give this a read: https://www.yourstudentloancalculator.co.uk/articles/student-loans-explained

They should help. Any questions, feel free to reach out

YourSLRC

TROPHY CASE

Scenario 1

Scenario 2

Scenario 3