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Student Loan Interest
Pingu1
Posts: 134 Forumite
Does anyone know how the interest is calculated on a student loan? I still paying off mine, Plan 1 (England). The interest is 6.5%. Wondering how long it will be before its paid off. Thanks.
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Comments
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Interest on plan 1 is the March RPI inflation rate but capped at the Bank of England rate +1%. So it's currently 6.25% as the Bank of England rate is 5.25% and the March 2023 RPI rate was 13.5%.Pingu1 said:Does anyone know how the interest is calculated on a student loan? I still paying off mine, Plan 1 (England). The interest is 6.5%. Wondering how long it will be before its paid off. Thanks.
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6.25% of what? Is it my salary or the loan amount?0
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Thanks, I think I can work it out now.0
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