The Student Room Group

Quick question on SF and Interest

Slightly confused

I've just finished my degree which started in Sept 2010.
(So started BEFORE 2012 - sorry for stating the obvious)

I took out a tution fee loan approx £3350 per year. My course was 3 years long so I now owe SF just slightly over £10,000.

When I login to the student finance repayment website it tells me how much I owe (Balance: £10,000) and it has an interest rate of 1.50

Just wondering how this interest is calculated????

Does that mean that every year I incurr a 1.5% increase? (and it is not a monthly increase?)

So next year I shall owe £10150?

Just want to clarify that I am correct (or incorrect)

Thanks in advance
The plan 1 loan is 1.5% APR (variable). So annual.

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