Q&A: How the student finance calculator works

By Anthony Reuben & Laurence Knight
Business reporters, BBC News

Published

BBC News has designed a calculator to give people an idea of how much it may cost them to pay off their student loans under the proposed new financing system.

In order to do so, we have had to use various averages and assumptions about the future of both the UK economy and the individuals involved.

It is not supposed to give precise predictions about future payments for individuals, but rather to illustrate the cost of the financing in various scenarios.

How the student finance calculator works

DownloadDownload the full data here:[156 KB]

To change some of the assumptions made, you can download the attached spreadsheet and change the settings on the first page of it, and insert your own assumptions about your future income on the third page.

Thanks to Derek Bird and Ryan Pike from the earnings department at the ONS for providing the figures and helpful advice, and Elliot Varnell of The Actuarial Profession and Martin Conyon of Wharton School, University of Pennsylvania for generous advice. The calculator was developed by Tom Pearson and Martyn Rees and designed by Salim Qurashi.

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