Calculate your monthly repayments, total interest and find out whether your loan will be written off after 30 years.
Postgraduate Loan Repayment Calculator
Monthly repayment (year 1)
Annual repayment (year 1)
Years to repay in full
Total repaid
Total interest charged
Will loan be written off?
Written-off amount (if applicable)
2025/26 figures. Threshold: £21,000/yr. Rate: 6% above threshold. Interest: 7.3% illustrative (RPI+3%). Write-off: 30 years from April after graduation. Seek professional advice for complex situations.
How the Postgraduate Masters Loan Works
The Postgraduate Masters Loan is available to eligible students in England studying for a taught or research Masters degree. For 2025/26, the maximum loan is £12,167 paid directly to you in instalments across the academic year.
Unlike undergraduate loans, there is no split between tuition fee and maintenance components — the full amount is yours to use as you wish. Interest accrues at RPI + 3% from the day funds are first paid out.
Repayment Rules (2025/26)
Repayments start in April after you finish or leave your course
Threshold: £21,000/year (£1,750/month, £404/week)
Rate: 6% of income above the threshold
Interest: RPI + 3% throughout (while studying and repaying)
Write-off: 30 years from April when repayments were first due
Concurrent Repayments
If you also have an undergraduate Plan 2 loan, you will repay both simultaneously. Plan 2 requires 9% above £27,295 and the Masters Loan requires 6% above £21,000 — these are separate calculations on the same gross income, potentially adding up to 15% of income above the higher threshold.
Frequently Asked Questions
What is the Postgraduate Masters Loan for 2025/26? +
The Postgraduate Masters Loan for 2025/26 is up to £12,167 for eligible students studying a full Masters degree in England. It is paid directly to you (not the university) and is separate from undergraduate student loans.
When do I start repaying my Masters Loan? +
Repayments start from the April after you finish or leave your course, but only once you earn above £21,000 per year. If your income never exceeds the threshold, you never make any repayments.
What interest rate is charged on the Masters Loan? +
Interest is charged at RPI + 3% throughout the life of the loan — both while studying and while repaying. For 2025/26 illustrative purposes, this calculator uses 7.3%. The actual rate is set each September based on the prior March RPI figure.
When is the Masters Loan written off? +
Your Postgraduate Masters Loan is written off 30 years from the April after you were first due to start repaying. Any remaining balance at that point is cancelled and not taxable.
Can I repay my Masters Loan early or voluntarily? +
Yes, you can make voluntary overpayments by contacting the Student Loans Company. However, if your loan is likely to be written off at 30 years anyway, voluntary repayments may not be worthwhile — those funds cannot be reclaimed once paid.
Does the Masters Loan affect my credit score? +
No. Student loans do not appear on your credit file. However, mortgage lenders will factor in student loan repayments when assessing affordability, as they reduce your net monthly income.
Can I have both a Masters Loan and an undergraduate student loan? +
Yes. You repay both simultaneously at their separate rates — 9% above £27,295 for Plan 2 and 6% above £21,000 for the Masters Loan. Each calculation is done independently on the same gross income.
Is the Masters Loan means-tested? +
No. The Postgraduate Masters Loan is not means-tested. All eligible students can borrow up to the maximum regardless of household income, unlike the maintenance loan which tapers with household income.
What happens if my income stays below £21,000? +
If your income never exceeds £21,000 per year, you will never make any repayments. After 30 years the entire loan balance including all accrued interest is written off automatically.
What counts as income for repayment purposes? +
Gross employment income, self-employment profits, rental income, and most other taxable income sources count. Investment income above £2,000 per year also counts toward the repayment threshold.
How does salary growth affect total repayment? +
Higher salary growth means larger repayments each year, potentially paying off the loan before write-off. Lower growth means smaller repayments, more interest accrues, and a higher chance of write-off after 30 years. This calculator models different growth scenarios.
Where can I get official information about the Masters Loan? +
Official information is available on gov.uk from Student Finance England. The Student Loans Company (SLC) administers repayments. For personal advice on whether to overpay or invest instead, consult a qualified financial adviser.