Hello. This may seem like a silly question but I couldn't find any threads on how to manually calculate deducted student loan interest ... plus I'm also bad at maths
Anyways, my course started in 2012 and I graduated last year. I took only a tuition fee loan from the SLC which was £7.500 per year (so £22,500 in total).
So I have a Plan 2 loan which has the following interest rates from SFE website:
2012/13 - RPI (3.6%) + 3% = (6.6%)
2013/14 - RPI (3.3%) + 3% = (6.3%)
2014/15 - RPI (2.5%) + 3% = (5.5%)
The two attachments below show my annual loan statement
Attachment 545197545199 Attachment 545197545199
My question is how are they calculating my interest each month and how can I check for myself if these figures are correct? I apologise if this has been asked before but I struggled to find a way in which the interest would make sense with the uppermentioned rates.
Thanks in advance!
Tuition Fee Loan - How to Manually Calculate Interest?
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