£59,000 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 | £241 | £2,889 | £41,888 |
| Plan 2 | £29,385 | £222 | £2,665 | £42,112 |
| Plan 4 (Scotland) | £33,795 | £189 | £2,268 | £42,509 |
| Plan 5 | £25,000 | £255 | £3,060 | £41,717 |
| Postgraduate Loan | £21,000 | £190 | £2,280 | £42,497 |
£59,000 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 | £412 | £4,945 | £39,832 |
| Plan 5 + Postgraduate Loan | £445 | £5,340 | £39,437 |
What a student loan takes from £59,000
The repayment comes out of pay after income tax and National Insurance, so it does not reduce either. On Plan 5, £59,000 leaves about £41,717 a year in the hand against £44,777 with no loan, a difference of £3,060. 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 £59,000 in Scotland
A Scottish undergraduate is on Plan 4, which starts at £33,795, so the loan on £59,000 is £2,268 a year. Scottish income tax also differs, so take-home after the loan is about £40,779. The Scottish income tax calculator shows the tax side.
Salaries near £59,000
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 £59,000 after tax for the full take-home breakdown.