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    Assuming I need to repay £3,400 in student loans and the interest rate is 0.9%.

    Does that mean that the interest rate for 2016 is 3,400*(0.9/100)=£30.6 per month (and each month (0.9/100)*whatever-I-owe is added) or per year?

    Thank you.
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    (Original post by Sisuphos)
    Assuming I need to repay £3,400 in student loans and the interest rate is 0.9%.

    Does that mean that the interest rate for 2016 is 3,400*(0.9/100)=£30.6 per month (and each month (0.9/100)*whatever-I-owe is added) or per year?

    Thank you.
    I believe it's yearly, but i may not be the best source of information. Have you tried the student finance website?
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    (Original post by LamantChenille)
    I believe it's yearly, but i may not be the best source of information. Have you tried the student finance website?
    It doesn't explain it anywhere clearly. I'm freaking out atm!
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    (Original post by Sisuphos)
    It doesn't explain it anywhere clearly. I'm freaking out atm!
    It's definitely annual. Here http://www.studentloanrepayment.co.u..._schema=PORTAL it describes the interest rate of 0.9% as APR, which stands for annual percentage rate, so, per year, not month. Hope that clears it up
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    (Original post by LamantChenille)
    It's definitely annual. Here http://www.studentloanrepayment.co.u..._schema=PORTAL it describes the interest rate of 0.9% as APR, which stands for annual percentage rate, so, per year, not month. Hope that clears it up
    Yes, thank you so much, I just saw it too. I thought it was monthly and lost my cool completely.
 
 
 
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