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UK student loan interest rates: what you need to know in 2022 July 12, 2022 | cool | student life
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Interest rates have increased to 1.25% in June 2022. If you plan to attend college, this increase is important to consider as it could affect the cost of your student loans.
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Interest rates are the charges for borrowing money, expressed as a percentage of the loan amount. Rising interest rates affect the cost of borrowing, with loans for expensive purchases such as mortgages and cars becoming more expensive. This includes the cost of student loans.
The Bank of England sets the interest rate, and has raised it from 0.1% to 1.25% from December 2021. This is the highest since 2009 and is expected to reach 2.75% in 2023:
For student loans, the interest rate increase is even greater. A recent report to Parliament on student loans found that the maximum interest rate on student loans for the 2022/23 academic year will more than double from 5.6% in 2020/21 to 2022/23 to reflect the retail price index (RPI) of 12%. This means that the total interest paid by UK students could exceed £10 billion.
How are rising student loan interest rates affecting potential students? Prospective students are naturally concerned about rising student loan interest rates. In just two months, online searches related to student loans have increased an average of 4,656%. Here are the main concerns of students:
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Based on online search data from April 13, 2022 to June 11, 2022 compared to the previous period.
It is not yet clear how college applications will be affected. This year, there was a slight decline in applications, down 1% from 2021. After the change in student loan interest rates, we could see a drop in interest rates similar to 2012, when the applications fell by 7.6% as a result of the increase in fees. Don’t let student loan interest rates keep you from going to college
If you’re about to apply to college, it’s understandable to be concerned about changes in student loan interest rates. If you are worried about paying for your studies, try to keep the following points in mind:
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