MSE News: Student loan interest rates expected to rise in September - but don't panic

Student loan interest rates expected to rise in September - but don't panic...
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'Student loan interest rates expected to rise in September - but don't panic'
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  • silvercar
    silvercar Posts: 46,934 Ambassador
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    Key sentence:

    "This change in interest rate will make no impact on a borrowers' monthly repayments and very few people are likely to be affected by the increase."
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Ed-1
    Ed-1 Posts: 3,885 Forumite
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    silvercar wrote: »
    Key sentence:

    "This change in interest rate will make no impact on a borrowers' monthly repayments and very few people are likely to be affected by the increase."

    Yet you still get the following tripe in the media:

    "Although the latest rise is not as steep as the increase last year, it still means millions of students will be faced with higher monthly payments."

    http://www.thisismoney.co.uk/money/bills/article-5629771/Interest-rate-student-loans-youngest-graduates-going-6-3-September.html

    However, even the statement that "very few people are likely to be affected by the increase" is too simplistic. All people with postgraduate loans for example will very much be affected, and those with lower plan 2 debts are very much affected (e.g. those who hold a plan 1 loan and then a short course plan 2 loan).
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