Calculator
Multi-plan student loan calculator (2026/27)
For graduates holding multiple plans, the most common being Plan 2 + Postgrad. Implements HMRC's multi-plan rule correctly: ONE 9% deduction at the lowest undergrad threshold (NOT 9% per undergrad plan), plus a SEPARATE 6% Postgrad deduction. Combined max rate is 15%.
Reviewed 29 April 2026 · 2026/27 rates verifiedAnnual student loan repayment
£2,095
£175/month equivalent · 9% undergrad + 6% postgrad combined
Show full breakdown
Where the maths goes
| Annual income | £40,000.00 |
|---|---|
| Undergrad thresholdLowest threshold of plan2 | £29,385.00 |
| Income above undergrad threshold | £10,615.00 |
| Undergrad repayment @ 9.0%9% on income above the threshold | £955.35 |
| Postgrad threshold | £21,000.00 |
| Income above postgrad threshold | £19,000.00 |
| Postgrad repayment @ 6.0%Separate 6% — added to undergrad if both held | £1,140.00 |
| Total annual repayment | £2,095.35 |
| Monthly equivalentHow it actually shows up on your payslip — divided by 12 | £174.61 |
Sensitivity: repayment at different incomes
Same plan set (plan2 + postgrad). Useful for planning raises, day-rate increases, or contract renewals — your SL repayment grows linearly above the threshold.
| Income | Annual SL | Monthly |
|---|---|---|
| £25,000 | £240 | £20 |
| £30,000 | £595 | £50 |
| £40,000 | £2,095 | £175 |
| £50,000 | £3,595 | £300 |
| £60,000 | £5,095 | £425 |
| £80,000 | £8,095 | £675 |
| £100,000 | £11,095 | £925 |
The multi-plan rule, explained
UK student loan repayments work differently when you hold multiple plans. The rule is straightforward but commonly misunderstood:
Rule 1: One 9% deduction across all undergrad plans
If you hold any combination of Plan 1, 2, 4, or 5 (the undergrad plans), HMRC takes ONE single 9% deduction at the LOWEST threshold of the plans you hold. NOT 9% per plan. The Student Loans Company allocates the resulting payment between your plans internally, typically using a 'clear oldest balance first' rule.
Worked example: Plan 1 (£26,900) + Plan 2 (£29,385) at £40,000 income. The lower threshold is £26,900. The single deduction is 9% × (£40,000 − £26,900) = £1,179. That's split between Plan 1 and Plan 2 internally — you don't see it as two line items on your payslip.
Rule 2: Postgrad always stacks separately
Postgrad (the Master's / PhD scheme) is structurally different. Its 6% deduction above £21,000 is ALWAYS in addition to any undergrad deduction. So someone with Plan 2 + Postgrad pays:
- Undergrad: 9% × (income − £29,385)
- Postgrad: 6% × (income − £21,000)
- Combined max rate: 15% on income above £29,385 (the higher threshold)
Worked example: Plan 2 + Postgrad at typical contractor incomes
| Income | Plan 2 (9% above £29,385) | Postgrad (6% above £21,000) | Combined |
|---|---|---|---|
| £25,000 | £0 | £240 | £240 |
| £35,000 | £505 | £840 | £1,345 |
| £50,000 | £1,855 | £1,740 | £3,595 |
| £75,000 | £4,105 | £3,240 | £7,345 |
| £100,000 | £6,355 | £4,740 | £11,095 |
For a Plan 2 + Postgrad contractor at £100k income, the combined deduction is £11,095/year, about £924/month. That's on top of income tax + NI, and matters materially when modelling take-home or comparing umbrella vs Ltd routes.
What this calculator doesn't cover
- Per-plan balance allocation.SLC's internal rules for allocating payments between your multiple plans aren't modelled, for that, log into your SLC online account.
- Differential interest rates.Plans have different interest rates (Plan 1: lower of RPI or BoE + 1%; Plan 2: RPI to RPI + 3%; Plan 4: lower of RPI or BoE + 1%; Plan 5: RPI; Postgrad: RPI + 3%). The calculator computes the repayment but doesn't project balance trajectory.
- Voluntary overpayment optimisation. Across multiple plans, the rational strategy is to overpay the highest-interest plan first (typically Postgrad, then Plan 2). Modelling that is outside scope — use MoneySavingExpert's calculator.
- Time-to-write-off per plan (each plan has its own write-off horizon: Plan 1 = 25 years, Plans 2 / 4 / Postgrad = 30 years, Plan 5 = 40 years).
Frequently asked questions
- Why does this combo calculator exist separately from the plan-specific ones?
- Most online student loan calculators only handle one plan at a time. People who hold multiple plans (e.g. Plan 2 from undergrad + Postgrad from a Master's, or Plan 1 from a degree before 2012 + Plan 2 from a top-up after 2012) can't easily model their actual repayment without manually applying the multi-plan rule. This page is pre-loaded with the most common combination (Plan 2 + Postgrad) and explicitly explains the rule. The underlying math is identical to the single-plan calculators, same shared component, but the framing is for borrowers checking 'what's my actual combined repayment?'
- What's the multi-plan rule?
- Two rules combined. (1) If you hold MULTIPLE UNDERGRAD plans (any combination of Plan 1, 2, 4, 5), HMRC takes ONE 9% deduction at the LOWEST threshold of the plans you hold, not 9% per plan. The Student Loans Company allocates the resulting payment between your plans internally. (2) POSTGRAD is always SEPARATE. The 6% Postgrad deduction is added on top of any undergrad deduction. So someone with Plan 1 + Plan 2 + Postgrad pays one 9% (at the Plan 1 threshold) + a separate 6%, NOT three deductions.
- What's the maximum combined effective rate?
- 15%. That's 9% from any combination of undergrad plans + 6% Postgrad. Reached on income above the higher of the two thresholds you hold. For Plan 2 + Postgrad: 15% combined kicks in above £29,385 (the Plan 2 threshold; Postgrad threshold £21,000 is already below that). For Plan 5 + Postgrad: 15% kicks in above £25,000. For Plan 4 + Postgrad: 15% kicks in above £33,795.
- Does the order of plans matter?
- No, order doesn't matter for the calculation. HMRC sorts undergrad plans by threshold and uses the LOWEST. SLC allocates payments between plans internally based on their own priority rules (typically: clear oldest balance first, but this is administrative not a tax-rule difference). What matters is which plans you hold, not which order you list them in. The calculator above sorts your selection automatically.
- What's the most common multi-plan combination?
- Plan 2 + Postgrad, by a large margin. Most graduates of Master's programmes from 2017 onwards hold both: Plan 2 from their pre-2023 undergrad + Postgrad from the Master's. The combined deduction at £40,000 income is £2,095/year (about £175/month), significant for someone in their late 20s starting a contracting career, often coinciding with peak debt-pressure life events (mortgage, family). Worth modelling alongside take-home and pension decisions.
- I have Plan 4 + Postgrad: anything different?
- Same maths, just substitute Plan 4's £33,795 threshold for Plan 2's £29,385 in the calculation. At £40,000 income with Plan 4 + Postgrad: Plan 4 × (£40,000 − £33,795) × 9% = £558 + Postgrad × (£40,000 − £21,000) × 6% = £1,140 = £1,698 total. Plan 4's higher threshold means lower-earning Scottish-with-Postgrad graduates pay less than English-with-Postgrad equivalents.
- Plan 5 + Postgrad: what does the future look like?
- Plan 5 holders started undergrad from August 2023, so the earliest Plan 5 + Postgrad combinations will appear from 2026 onwards (after a 3-year undergrad + 1-year Master's). Future Plan 5 + Postgrad graduates will face a 40-year Plan 5 write-off + 30-year Postgrad write-off, both with frozen thresholds. The combined 15% rate above £25,000 (Plan 5 threshold) will apply. For a graduate consistently earning £40,000+ from age 24, that's about £225/month of student loan deduction running into their 60s, effectively a graduate tax for the working life.
- How do voluntary overpayments work with multiple plans?
- You can choose which plan to overpay. Most rational strategy: prioritise the plan with the highest interest rate (typically Postgrad at RPI + 3%, then Plan 2 at RPI + up to 3%, then Plan 5 at RPI, then Plan 1 / 4 at lower-of-RPI-or-BoE + 1%). Voluntary overpayments to one plan don't affect mandatory deductions on others, those continue automatically until each plan's balance is cleared. Use MoneySavingExpert's calculator (mse.me/student-finance) to model the optimal strategy across multiple plans.
- Where do I find which plans I'm on?
- Your Student Loans Company online account (gov.uk/sign-in-to-manage-your-student-loan-balance) shows all loans in your name, by plan. If you're not sure whether a top-up year or restart triggered a new plan, the SLC account is authoritative. HMRC also has plan info on file for PAYE deductions but it's primarily a SLC question.
Single-plan calculators
Plan 1
Pre-2012 + all NI, £26,900.
Plan 2
Sept 2012 – July 2023, £29,385.
Plan 4
Scottish from 1998, £33,795.
Plan 5
English from August 2023, £25,000 frozen.
Postgrad
Master's / PhD, £21,000 at 6%.
Most common combo
Plan 2 + Postgrad (dedicated page)
Pre-configured calc + worked example for the most common multi-plan combo.
Related blog
Reviewed: 29 April 2026 · See how we calculate · not financial advice.