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Student loan interest calculation
jxn101
Posts: 3 Newbie
Can anyone clarify how interest is calculated on a student loan, and when repayments are allocated against the balance? I'm on a plan 1 but can't seem to recreate what the SLC is charging.
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Comments
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At the moment I believe its 1.75%. Which is based on the bank of England base rate plus 1%.
It'll be interesting to see if this will be dropped down to 1.25% due to the emergency measures put in place in the last few days.
sources:
https://www.gov.uk/repaying-your-student-loan
https://blog.moneysavingexpert.com/2019/10/martin-lewis--should-you-pay-off-your-plan-1-loans-/
*Assuming you're in England or Wales.0
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