See how much interest accumulates on your student loan during your course and in the first years after graduation — before repayments kick in significantly.
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How This Works
Interest accumulates from the day the loan is paid out. For Plan 2, the rate while studying is RPI + 3% (currently around 6.5%). Each year of study adds the annual borrowing plus interest on the existing balance. Most graduates leave with significantly more debt than they borrowed due to 3–4 years of interest accumulation.
Not as much as you might think. Your monthly repayment is based purely on your salary above the threshold — not on your balance or interest rate. The interest rate mainly matters for high earners who will repay the full balance before write-off. For the majority of Plan 2 graduates who will have loans written off, a higher interest rate means a larger written-off amount — it doesn't change their actual repayments.