£60,000 student loan repayment by plan
Each plan repays 9% of income above its own threshold, except a postgraduate loan, which is 6%. The plan you are on depends on when and where you studied.
| Plan | Threshold | Repayment a month | A year | Take-home after loan |
|---|---|---|---|---|
| Plan 1 | £26,900 | £248 | £2,979 | £42,378 |
| Plan 2 | £29,385 | £230 | £2,755 | £42,602 |
| Plan 4 (Scotland) | £33,795 | £197 | £2,358 | £42,999 |
| Plan 5 | £25,000 | £263 | £3,150 | £42,207 |
| Postgraduate Loan | £21,000 | £195 | £2,340 | £43,017 |
£60,000 with an undergraduate and a postgraduate loan together
A postgraduate loan is a separate deduction, so someone repaying both pays 9% above the undergraduate threshold and 6% above £21,000, from the same salary.
| Combination | Repayment a month | A year | Take-home after both |
|---|---|---|---|
| Plan 2 + Postgraduate Loan | £425 | £5,095 | £40,262 |
| Plan 5 + Postgraduate Loan | £458 | £5,490 | £39,867 |
What a student loan takes from £60,000
The repayment comes out of pay after income tax and National Insurance, so it does not reduce either. On Plan 5, £60,000 leaves about £42,207 a year in the hand against £45,357 with no loan, a difference of £3,150. The balance is written off after 40 years on Plan 5, so on a modest salary the monthly figure, not the balance, is what matters.
Student loan on £60,000 in Scotland
A Scottish undergraduate is on Plan 4, which starts at £33,795, so the loan on £60,000 is £2,358 a year. Scottish income tax also differs, so take-home after the loan is about £41,249. The Scottish income tax calculator shows the tax side.
Salaries near £60,000
| Salary | Plan 5 a month | Plan 2 a month |
|---|---|---|
| £59,000 | £255 | £222 |
| £60,000 | £263 | £230 |
Work out your own figure
The tables assume the whole salary is above the threshold for the year and no change of job mid-year. Open the student loan repayment calculator to set your exact salary, plan and postgraduate loan, or see £60,000 after tax for the full take-home breakdown.