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# Thread: Calculator Tool, very tricky!!!

1. ## Calculator Tool, very tricky!!!

Ok well basically:

I want to create a tool where visitors can use sliders to calculate the size and repayments of their UK student loan.

Heres the numbers:
Tuition loan: up to £9000 a year
Maintanence loan: up to say £20,000 a year
Interest is at a rate of 3% + inflation p.a.
You only start paying it back once you earn over £21,000 and you pay back 9% of the difference of what youre earning and £21,000.

Lets do an example:

I do a three year course, borrow £9000 for tuition and £6000 for living each year. I then come out with a debt of £45,000 but get a job that pays £25,000.

So each year I will be paying 9% of £25,000-£21,000 which ends up as £360 over the year. However, if we assume inflation is about 3% when i graduate the interest rate on the loan would be 3%+3%=6% and so the interest for that year would be £2700.

After 30 years the loan gets wiped..

This is a good example of what i mean:

http://www.thecompleteuniversityguid...ent-calculator

Please quote!!

• What would you like to code this in? PHP/javascript/etc?

Plus, your link is broken. So I can't view the example.

• Originally Posted by hershey.
What would you like to code this in? PHP/javascript/etc?

Plus, your link is broken. So I can't view the example.
Apologies the link is http://www.thecompleteuniversityguid...ent-calculator

Which would you recommend?

• Originally Posted by codeseeker
So each year I will be paying 9% of £25,000-£21,000 which ends up as £360 over the year. However, if we assume inflation is about 3% when i graduate the interest rate on the loan would be 3%+3%=6% and so the interest for that year would be £2700.
If the interest per year is at 2700 and you're only paying back 360, you go 2340 further in debt each year. This loan will never be paid off.

Or did I miss something here?

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