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Interest on Student Loan

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Student Life & Education
I recieved my payment schedule letter today for the payments of student loan, grant and tutition fees, and there was a little comment at the bottom that the interest rate accured by it is now 4.8%?! Didn't it used to be 2. something, or has it always been that? I know that's fairly low in the world of loans, but still I thought it was lower. Have slightly scared myself by considering the ever increasing debt I will be in by this time in 2 years :nervous:

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    i got that too... not sure what to say really... also my tuition fee has increased and my grant has decreased... :( oh well
  • JsTJsT Posts: 18,268 Skive's The Limit
    The bastards doubled it last year, scum that they are!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    The amount of interet charged is linked to the rate of inflation but it is adjusted every year. From Sept 1 the rate will be 3.8% Linky

    Its still one of the cheapest ways to finanace yourself through uni.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I think my interest is something like £600 per year at the moment. And I'm not obliged to be paying it off for another four year - gonna have to sort that out!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    iirc it's linked to rpi not cpi, but it's capped at 9% of your gross no matter what so i wouldn't worry too much. it's just like another tax, and we all love tax right?
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