We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Paying off part/all of plan 1 and plan 2 student loans?
Options

sonichaos123
Posts: 2 Newbie

Hi I’ve searched the forum and can’t work out my own situation based upon posts of others so am hoping someone can help, I’m really struggling with the maths.
I would like to know if it’s worth paying off either or both of my student loans now. But I cannot work out if I will naturally pay off either loan before being wiped off or how much interest I would pay until wipe off dates for either loan.
Plan 1 loan balance £7589.64 interest 3.26% graduated July 2021
Plan 2 loan balance £7604.56 interest 6.3% graduated July 2023
Salary £37,000 possibly to increase to £40,000 in 5 years
Many thanks for any assistance anyone can offer.
Salary £37,000 possibly to increase to £40,000 in 5 years
Many thanks for any assistance anyone can offer.
0
Comments
-
There is a student loan calculator site that shows whether your debt will be repaid before it's wiped though the original plan 1 (the for people who started before 2012 in E&W), is a bit flaky.0
-
Thank you. I have tried that one as it lets you select plan 1 or 2, but there is no option for a combination of the two. Which has me pretty stumped, because it’s not a separate 9% of over threshold earnings each that gets repaid each month, it’s a combination.
Does anyone know of a calculator that lets you input both plan 1 and 2?0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards