Education

Student loan interest rate to hit 12% in England

From BBC: “Students and graduates in England will pay up to 12% interest on their loans this autumn, according to the Institute for Fiscal Studies (IFS). The rate will dip in March 2023, when a cap on the interest will kick in. The IFS says a rollercoaster of interest rates lies ahead, but the long-term impact on repayments will not be large. For students starting degree courses from 2023, the rate will be fixed at a lower level. The interest rate on the loan for those currently at university in England is calculated by adding 3% to the retail price index (RPI) measure of inflation.”

View the full article from BBC.