How lenders size an education loan
Lenders of private education loans look at what can be repaid each month, from your expected income or a co-applicant's. This calculator works backwards from an affordable payment to the loan it would repay at a given rate and term.
Government student loans that you repay as a share of your income work differently; use the student loan repayment calculator for those.
Worked example
£300 a month at 9% over 10 years would repay about £23,682.51. You'd pay £36,000.00 in total, so £12,317.49 is interest.
Over 15 years the same payment would repay about £29,578.02. Raising the payment to £400 over 10 years would repay about £31,576.68.
Before you borrow
Lenders may also look at the course, the institution and any guarantor or co-applicant. Borrow only what you need for fees and living costs.
This is an estimate. Lenders make their own decision based on your full circumstances and credit history.
Inputs for the education loan eligibility calculator
Monthly payment you can afford
What you or a co-applicant could comfortably repay each month.
Interest rate (per year)
The annual interest rate on your loan. The rate shown is only an example, so enter the rate from your quote.
Term
How many years you'd repay over. A longer term lets you borrow more for the same payment but costs more interest.
CALCULATOR QUESTIONS
Education loan eligibility calculator questions
How much education loan can I get?
It depends on what can be repaid each month and the lender's own checks. Enter an affordable payment to estimate it.
How much would £300 a month repay?
At 9% over 10 years, about £23,682.51.
Does a longer term help?
It lets you borrow more for the same payment but costs more interest.
Is this for government student loans?
No. Use the student loan repayment calculator for income-based student loans.