Student loan calculator – We have all heard about the rising amount of debt students rack up over the life of their studying life. Whether due to university fees, study related costs, i.e. books or living costs from being away from home, it all mounts up. You need Short Term Loans for Students.

## Use a Student Loan Calculator

This doesn’t just mean current students, there are many adults who graduated 20 years ago that are still paying off their student loans.

There is a student loan calculator that you can find online that can help you calculate how much you have borrowed and how long it is likely to take you to pay off.

Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.

Although the student loan calculator is not completely accurate it does give you a rough figure of how much you have to pay, or left to pay and how long it will take to pay back. This all depends on when you took the student loan out and what your annual income is.

### Student loan lenders

The student loan calculator may ask what year you graduated and also what part of the country you studied. Based on this information it may have a huge effect on what the student loan calculator works out for your circumstances.

If you were or are an English or Welsh student that started before the 1st September 2012, or a Scottish or student from Northern Ireland the threshold for when you start making repayments may be slightly different.

If the above is correct then when you earn over £17,335 you will be required to start paying back your student loan.

The student loan calculator will work out what you are required to pay back, at what cost and for how long. When paying back your student loan you are required to pay back 9% of your income over the amount of £17,335.

So for example if you earned £23,335 you earned £6000 over the threshold and so you repay back 9% of this, which is £540. Depending on how much you initially borrowed and your income this will affect how long and how much you pay back.

However if the above does not describe your circumstance then the following will apply.  If you studied September 2015 or later the soonest you will repay is the April after you finish your course.

In these situations you will only start making your student loan repayment until your annual income is over £21,000. The student loan calculator would help you to work out how long it will take you to repay back.

So for example if you make over the £21,000 you will be charged the 9%. For example if you earned £35,000, you will be required to pay back £1260 that year. The interest in this situation is inflation plus 3%.

The student loan calculator is a great tool to find out how much you will be required to pay back each year and how long it will take you. Do remember if you have not paid off all your student loan within 30 years after you graduated this debt will then be written off.