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Interest rate on Scottish student loans watch

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    I've been looking online for the answer to my question and I can't find it, maybe I'm just being stupid.
    Correct me if I'm wrong but what I understand so far is:
    - Scottish loans are Plan 1
    - They are taken off wages over around £17,00 at 9%
    - Are cancelled after 35 years
    - Interest rate is 1.25%
    So my question is: is interest rate applied while we're actually studying and receiving the loan or only from when we start paying it off? And if it's the former does the interest rate for that year apply to each year's loan (like say for 2016/17 it was 1% of £4750 and then 17/18 1.25% will be applied to the £4750 instead).
    I hope my question makes sense, I know how long winded it is! I'm just so confused and most things I've found online applies to England and Plan 2 and I've read that interest rate is applied while they're studying at RPI+3%!!
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    (Original post by ShannonM_)
    I've been looking online for the answer to my question and I can't find it, maybe I'm just being stupid.
    Correct me if I'm wrong but what I understand so far is:
    - Scottish loans are Plan 1
    - They are taken off wages over around £17,00 at 9%
    - Are cancelled after 35 years
    - Interest rate is 1.25%
    So my question is: is interest rate applied while we're actually studying and receiving the loan or only from when we start paying it off? And if it's the former does the interest rate for that year apply to each year's loan (like say for 2016/17 it was 1% of £4750 and then 17/18 1.25% will be applied to the £4750 instead).
    I hope my question makes sense, I know how long winded it is! I'm just so confused and most things I've found online applies to England and Plan 2 and I've read that interest rate is applied while they're studying at RPI+3%!!
    Sorry this is the wrong thread!! Never mind
 
 
 
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