When do Student Loans Co announce Interest Rate for 09/10 ?

GoodRiddance

Does anyone know when they will announce the new rate for the next academic year?

We're currently being charged 3.8% interest up until the end of August 09 on our loans and saving accounts rates have gone down the poop chute and the base rate will be even lower by the end of today. Possibly just 1%.

I want to see what the new SLC rate will be before I consider paying off the loan in full since ive got the money sat in a savings account.

Lokolo

The rate is actually 3%.

The rate can never be more than base rate + 1%.

The next years rate will be announced in around April, when the March RPI rate is announced.

neas

so that means from today it will be 2.5% then :P

Lokolo

neas wrote: »

so that means from today it will be 2.5% then :P

OMG I didn't even think of that!! WOO!

Just to say its not just dependant on Base Rate, but banks base rates. But I imagine they will follow anyway.

ashapala

I would also like to announce my celebrations of the potentially 0.5% lower rate. But as lokolo says, it depends on what the banks put their rates to. Hopefully, the banks will follow.

neas

indeed :P. 11k student loans puh.

And they havent even got half of my last years payments as I switched companies half way through tax year. Have now sent them proof of all my wage slips so they can try and amend it.

rb10

An immediate reduction in the student loan rate following today's rate cut is likely to be posted here once it's been confirmed: http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3866911&_dad=portal&_schema=PORTAL

ashapala

Following rb10's above link, student loans have just announced that the rate for post '98 loans is now 2.5%.

Taking into account the 3.8% and 3% rates it has already been this (academic) year, i make that an average of 2.87% over the year if this 2.5% holds till next september.

neas

hopefully if inflation keeps falling into april we could have a 1.5-2% RPI set for the entire 2009/2010 year... which would be nice wouldnt it? :P

Lokolo

neas - although that would be ideal - I don't think it will hit that low by March, but maybe a few months after.

But hey, we can always hope!!!

birduk

Don't forget it is only for 'new style' loans. Anyone know when the 'old style' ones will be anounced?