Student loan repayment on £120,000
On a £120,000 salary you repay £679.61 a month on a Plan 2 student loan, or £8,155 a year.
Repayments on £120,000 by plan
| Plan | Threshold | Per year | Per month | Per week |
|---|---|---|---|---|
| Plan 1 | £26,900 | £8,379 | £698.25 | £161.13 |
| Plan 2 | £29,385 | £8,155 | £679.61 | £156.83 |
| Plan 4 (Scotland) | £33,795 | £7,758 | £646.54 | £149.20 |
| Plan 5 | £25,000 | £8,550 | £712.50 | £164.42 |
| Postgraduate Loan | £21,000 | £5,940 | £495.00 | £114.23 |
What it means at £120,000
- You repay 9% of pay above the threshold for your plan. On Plan 2 that is 9% of £90,615.
- With a Plan 2 loan and a Postgraduate Loan you would repay £1,174.61 a month in total.
- After income tax and National Insurance, take-home pay on £120,000 is £76,157 a year. Take off a Plan 2 repayment and it is £68,002, or £5,666.84 a month. See £120,000 after tax for the full breakdown.
- Repayments are worked out on each payslip, so a month with overtime or a bonus can mean a bigger deduction. Any balance left is usually written off after 25 to 40 years, depending on the plan.
Check your own figures
The calculator is set to £120,000. Pick your plan and tick Postgraduate Loan if you have one.
| Loan | Threshold | Rate | Per year | Per month |
|---|
Salaries near £120,000
| Salary | Plan 2 a month | Plan 5 a month |
|---|---|---|
| £99,000 | £522.11 | £555.00 |
| £100,000 | £529.61 | £562.50 |
| £110,000 | £604.61 | £637.50 |
| £120,000 | £679.61 | £712.50 |
| £130,000 | £754.61 | £787.50 |
| £140,000 | £829.61 | £862.50 |
| £150,000 | £904.61 | £937.50 |
Student loan repayments on all salaries
Assumptions
Annual salary paid evenly through PAYE, using 2026/27 thresholds. Plan 1 covers England or Wales before September 2012 and Northern Ireland, Plan 2 England or Wales from 2012 to July 2023, Plan 4 Scotland and Plan 5 England from August 2023. Self-employed repayments are collected through Self Assessment instead.
Frequently asked questions
How much student loan do I repay on £120,000?
On Plan 2 it is £679.61 a month (£8,155 a year) in 2026/27. On Plan 5 it is £712.50 a month, and on Plan 1 £698.25 a month.
How much is a Postgraduate Loan repayment on £120,000?
£495.00 a month (£5,940 a year), at 6% of income above £21,000. It is taken on top of any Plan 1, 2, 4 or 5 repayment.
Do Scottish graduates on £120,000 repay student loan?
Yes. Plan 4 repayments are £646.54 a month on £120,000, at 9% of income above £33,795.