Student loan plan 2 - interest rate from September

SB1994

Hello! I am wondering if anyone has any information on what the interest rate will be for plan 2 student loans from September. My understanding is that e current 7.1% cap is only applicable until September 2023. And that as of then, the March RPI will be used (per the normal rules). With March's rate still being above "normal", I am wondering if the government will continue to apply the 7.1% cap, or perhaps cap the rate but at a different value.

silvercar

I'll ask the forum team to move this to the student board.

Current and historic interest rates can be found here: https://www.gov.uk/guidance/how-interest-is-calculated-plan-2

silvercar

Student board can be found here: https://forums.moneysavingexpert.com/categories/student-money-saving

MSE_ForumTeam5

Moved as per @silvercar's suggestion

Ed-1

Any day now the government will publish a Student Loans Interest Rates and Repayment Threshold Announcement

For information, the last few were announced on:
• 10th August 2022
• 12th August 2021
• 11th August 2020
• 8th August 2019

Ed-1

No threshold announcements but we have interest rate confirmed at 7.3%:
https://www.gov.uk/government/news/change-to-maximum-plan-2-plan-5-and-postgraduate-student-loan-interest-rates--2

SB1994

Thanks for the update! Interesting to see they've only extended it out to end of November

Ed-1

SB1994 said:

Thanks for the update! Interesting to see they've only extended it out to end of November

It's reviewed every 3 months when the prevailing market rate sets the interest rate.

Ed-1

https://www.gov.uk/government/news/student-loans-interest-rates-and-repayment-threshold-announcement--4