Student Loan Interest Rate Will Rise to 12 Per Cent in England This Year
The Rate Will Dip in March 2023, When a Cap on the Interest Will Kick in.
From September, the Rate Will Increase for Wealthy Earnings From 4.5 Percent to 12 Percent and for Poor Incomes From 1.5 Percent to 9 Percent.
Over the Course of Six Months, a Typical Graduate With a £50,000 Debt Will Pay Roughly £3,000 in Interest.
The Interest Rate Will Be Limited at a Lower Level for Students Who Begin Their Degrees in 2023.
Currently at University in England Is Calculated by Adding 3% to the Retail Price Index (Rpi) Measure of Inflation.
The Interest Rates for Student Loans Is Calculated by Adding Three Per Cent to the Retail Price Index (Rpi) Measure of Inflation.
It Comes as Consumer Prices Index (Cpi) Inflation Reached 7% in March According to the Office for National Statistics.
For Current Students and Graduates With Post-2012 Loans, the Debt Is Written Off After 30 Years.
This Comes as New Changes to the Student Loan System