Interest rates on the most contentious student loan plans in England and Wales will be capped at 6 per cent from September as ministers move to protect borrowers from a rise in inflation resulting from the conflict in Iran.
Those who started university between 2012 and 2022, and are therefore on a “plan 2” loan, are currently charged interest on a sliding scale rising from RPI rate of inflation to RPI plus 3 per cent depending on their earnings.
This means those earning more than £52,885 pay 6.2 per cent interest.
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