29 Mar What exactly is an idea dos and you may Plan step 3 education loan?
*This information is current to mirror the announcement one pupil mortgage rates of interest to have most recent consumers is capped to guard her or him out of an increase in rising prices.
What maybe you've launched?
Student loan rates of interest often today become capped at the six.3%, in the place of eight.3%, off – this may cover student loan consumers out-of ascending rising cost of living pricing.
We intervened from inside the Summer to safeguard individuals in response toward boost in the speed out of RPI due to internationally monetary challenges and therefore created student loan consumers could have faced an effective twelve% interest rate during the September.
That will this reduce work with?
Bundle dos college loans boasts whoever got away a student financing to own a keen undergraduate, Level 4/5, and/otherwise PGCE path birth on otherwise just after , along with Advanced Student Mortgage individuals. Considerably more details of student loan plans is present here: Paying off your own student loan: Hence fees bundle you are on - GOV.Uk (gov.uk)
The fresh RPI try a measure of rising prices produced by the fresh UK's Workplace getting Federal Statistics. Brand new RPI happens to be utilized for figuring notice on the pupil loans.