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Post Graduate Loans - Is interest annual or monthly? And from what point?? Watch

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    I have been going over this all day and cant work it out!

    Interest on Post Grad Loans is 3%+RPI - according to SLC "You‘re charged interest from the day your first payment is made until your loan is repaid in full. Interest is added to the total amount you owe every month."

    So if I borrow £9,000 this means I am charged £351 a month in interest?? And if this is from the day I am given a payment this means it could add thousands onto my loan in interest before I can being to repay..

    Anyone have any answers?
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    (Original post by Evans2212)
    I have been going over this all day and cant work it out!

    Interest on Post Grad Loans is 3%+RPI - according to SLC "You‘re charged interest from the day your first payment is made until your loan is repaid in full. Interest is added to the total amount you owe every month."

    So if I borrow £9,000 this means I am charged £351 a month in interest?? And if this is from the day I am given a payment this means it could add thousands onto my loan in interest before I can being to repay..

    Anyone have any answers?
    Firstly you should look here if you weren't already aware the new PG loan acts like the undergraduate loan.
    Secondly from what I can tell yes, from everything I've read the interest is applied each month at RPI+3%
 
 
 
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