11 August 2023

The Department for Education (DfE) has confirmed that the maximum plan 2, plan 5 and the postgraduate loan (PGL) interest rate will be 7.3% between 1 September 2023 and 30 November 2023.

Since September 2022 maximum student loan interest rates have been capped in line with the latest prevailing market rate available at the time of setting the cap.

From 1 September 2023 to 30 November 2023, the maximum plan 2, plan 5 and the PGL interest rate will be 7.3%, to take into account the most recent increase in the prevailing market rates.

From 1 December 2023 the maximum plan 2 and the PGL interest rate is scheduled to revert to Retail Price Index (RPI)+3%, and the plan 5 interest rate to RPI. It has been reported that further caps will be implemented, if required, to reduce student loan interest rates to align with the prevailing market, and will be confirmed closer to the time.

Read the full news story here and current student and postgraduate loan thresholds here.

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