"Variable rate dependent upon income. RPI (0.9%) where income is £21,000 or less, rising on a sliding scale up to RPI+3% (3.9%) where income is £41,000 or more"
I've tried to dig around and found nothing. Can anybody confirm the interest increases in a linear fashion from 21k to 41k?
I want to see how quickly I would pay my debt off with a few different salary projections. I'm also just curious to see whether with an estimate of my end of course outstanding debt could ever result in a situation where by earning more, the sliding interest rate applied to my debt, causes it to grow faster than my salary does... though I'm fairly certain people much more competent in accounting will have already made sure this couldn't happen, but still.
Edit: Does anyone also know if the interest is applied in one go annually, biannually, monthly (compounding to 3.9%)?
Loughborough at number one