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Student loan interest

The rate of interest charged on student loans from September 2018 is 6.3%, parliament voted through on 18 April 2018. An equivalent loan currently has a typical rate of 3.8%.

The rate is RPI in March plus 3 percentage points. The rate in March 2018 was 3.3%.

The student loan rate for 2017/18 is 6.1%.

Students are now graduating with an average of £50,000 debt. This is repaid at 9% of earnings above £25,000. Any unpaid debts are written off after 30 years. It is expected that over half of student loans will be written off. [18.04]