Plan 2 Student Loans explained. On a £49k salary I lose £128 a month to student loan repayments. We were told it would feel like a phone bill. Or a pint. Phone bill: £12.60 Pint: £6.30 Student loan: £128 That’s not even the worst part. Last tax year, interest added to my balance was £3,270. That’s £272.50 a month in interest. Borrowed: £35,171 Repaid: £16,104 Interest added: £32,627 I’ve paid back nearly half of what I borrowed. The debt is still bigger than when I started. A whole generation crippled by a policy. Students can’t afford to buy houses. Couples are thinking twice about having kids. Because £128 a month per person is a significant amount to be paying per person without any chance of clearing the balance.