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Sharp Rise in Student Loan Interest Rates

According to the BBC, the interest payments on student loans will rise significantly from 4.6% to 6.1%. This will also coincide with the increase in tuition fees from £9,000 to £9,250 annually.

This will result in a large debt burden for students where interest rates of 6.1% are substantially greater than the 2.8% being charged for personal loans from high street banks, and 1.29% being offered for some 5-year fixed rate mortgages. Moreover for comparison, the USA offers most federal student loans at a rate of 3.76%.

 

Find out more about these changes at:

http://www.bbc.com/news/education-39577507

https://www.theguardian.com/money/2017/apr/11/student-loan-interest-rate-rise-uk-inflation-brexit

23rd August 2018

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