Student Loans to cost more

Last week data was published that showed inflation (RPI) has crept up to 3.1% (2.2% up on 2 years ago), meaning the interest rate on student loans goes up to 6.1% per annum for higher earners. Students still pay the same instalments – 9% of earnings over £21,000 – so it will take that much longer to pay off the loan and many more will never pay it off.

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