Student Loan
Following a decline in the prevailing market rate, the Government will temporarily reduce the maximum Plan 2 and the Plan 3 student loan interest rate in line with the prevailing market rate.
From 1 July 2021 until 30 September 2021, the maximum interest rate applied Income Contingent Repayment (ICR) student loans will be capped in line with the prevailing market rate for comparable unsecured personal loans, which have recently reduced.
Student loan interest rates are updated each year to take account of changes in the Retail Price Index (RPI).

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