How Much is Student Loan Interest in the UK? Current Rates Explained
Discover how UK student loan interest rates are calculated for Plan 1 and Plan 2 loans and where to find the latest updates.
Video transcript
Student loan interest rates in the UK depend on the type of loan and your income. For Plan 2 loans, interest is calculated using the Retail Price Index (RPI) plus up to 3% based on your income. For Plan 1 loans, it’s RPI or the Bank of England base rate plus 1%, whichever is lower. Check the latest rates on the official UK government website to find accurate and up-to-date information.
Questions and answers
What interest rates apply to Plan 2 student loans in the UK?
Plan 2 student loans in the UK have interest rates calculated using the Retail Price Index (RPI) plus up to 3%, depending on your income level.
How is interest calculated on Plan 1 UK student loans?
Interest on Plan 1 loans is calculated at the lower rate between the Retail Price Index (RPI) or the Bank of England base rate plus 1%.
Where can I find the latest student loan interest rates for the UK?
The most accurate and up-to-date UK student loan interest rates can be found on the official UK government website.
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