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<a https://www.thestudentroom.co.uk/showthread.php?t=7467335'> Year 12s: what will be the first way you research your future options? >>
<a https://www.thestudentroom.co.uk/showthread.php?t=7467335'> Year 12s: what will be the first way you research your future options? >>

Student loan interest rate

Is it true that interest rate on student loan, for someone with income of £30K or above, is 3.3%+3% = 6.3%?

Isn't it too much?
Or do I miss something?
Original post by perry_500
Is it true that interest rate on student loan, for someone with income of £30K or above, is 3.3%+3% = 6.3%?

Isn't it too much?
Or do I miss something?


Hi Perry,

If your annual income is £25,725 to £46,305 the interest rate is RPI (currently 3.3%), plus up to 3%.

If it is over £46,305 then it is RPI (currently 3.3%), plus 3%.

Regards,
Stuart
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perry_500
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Does it equal to 6.3% per annum?
Isn't it too high?
Isn't it much higher than mortgage, although I thought that student loan was cheaper than mortgage?
Is student loan/support a bad idea? How many (%age of) students take student loan?
What's the process?
Original post by perry_500
Does it equal to 6.3% per annum?
Isn't it too high?
Isn't it much higher than mortgage, although I thought that student loan was cheaper than mortgage?
Is student loan/support a bad idea? How many (%age of) students take student loan?
What's the process?

Hello Perry,

You can find information on interest rates here 👉 http://ow.ly/t56k30pvXYo

Alternatively, please call our Repayments Team on 0300 100 0611.
Lines are open Monday to Friday 8am – 8pm.

Thanks, Lynsey.

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