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: