Student Loan Plan2 rates

cfw1994

Is there a way to see what the rates have been over the years?

Background:
We have been taking a look at our son's account (with him) - he paid off his PostGrad Loan (PGL - which was attracting 7.2% interest 😳), & he had a letter telling him he was due a refund.

The PGL shows -£1,346.79, so something has gone off - he paid off the exact amount earlier in the year.   So that could be rolled over to his main Graduate Plan2 loan, but why has it appeared there!?

However, it has made me look closer at the numbers...
For the year 23-24, his opening balance on the main grad loan was 53,113.54
He paid off 3864.00 during the year.
The interest charged was 3754.06

They claim interest on that is 4.3%.   Was it much higher in 23-24?

4.3% on 53,113.54, even ignoring his repayments, should only be £2283.88 for a full year.

It's a bit of a !!!!!!? moment  😳
Have they perhaps been getting things wrong since 2015 (& more fool us for not checking closer sooner), or have we all missed something? 👀

Thanks!

silvercar

Here are the interest rates on Plan 2 loans going back to 2013:

https://www.gov.uk/guidance/how-interest-is-calculated-plan-2

cfw1994

silvercar said:

Here are the interest rates on Plan 2 loans going back to 2013:

https://www.gov.uk/guidance/how-interest-is-calculated-plan-2

Ah, excellent, thanks
Shows what I know - I thought they were fixed....