I am considering applying for the new Postgraduate Loan. I have one very basic question and I apologise in advance for my ignorance but could somebody let me know how the interest is calculated for the postgraduate loan? Is it added annually or yearly?
I understand that the interest for 2016 will be RPI + 3% = 3.9%. I will take a loan of £10.000. The interest of 3.9% on £10.000 is £390. Will this amount be added to the borrowed money annually or monthly?
But we haven't even met!