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Plan 5 Student Loan Interest 13.5%
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Js358
Posts: 1 Newbie
My daughter’s loan account (Plan 5) states that her interest rate is 13.5%.
I can see from a thread on Reddit she is not the only one.
I believe the current rate according to the Gov site should be 4.3%, as it has been capped at this.
Is she being charged at 13.5% if this what’s displayed?
Would be good to know if anyone else has the same or a different rate being given by SLC.
I can see from a thread on Reddit she is not the only one.
I believe the current rate according to the Gov site should be 4.3%, as it has been capped at this.
Is she being charged at 13.5% if this what’s displayed?
Would be good to know if anyone else has the same or a different rate being given by SLC.
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Comments
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Last year (likely where the 13.5% figure comes from):
https://www.gov.uk/government/news/student-loans-interest-rates-and-repayment-threshold-announcement--4
This year:
https://www.gov.uk/government/news/student-loans-interest-rates-and-repayment-threshold-announcement--5
Worth clarifying with SLC.Know what you don't0 -
Current interest rate on Plan 5 is quoted as 8% here:
https://www.gov.uk/guidance/how-interest-is-calculated-plan-5
but then on the link below it is 4.3%. How bizarre:
https://www.gov.uk/repaying-your-student-loan/what-you-pay
And this one confirms 4.3%:
https://commonslibrary.parliament.uk/research-briefings/sn01079/
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