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International Business Times UK
International Business Times UK
Susan Sanchez

UK Student Loan Interest Rates Set for September With 6% Cap on Plans 2 and 3 Loans

Interest Rates Department for Education
Plan 2 and Plan 3 student loan interest rates will be capped at 6% from 1 September (Credit: Ninara/Wikimedia Commons)

The Department for Education has confirmed that interest on Plan 2 and Plan 3 student loans in England and Wales will be capped at 6% for the 2026/27 academic year, preventing rates from rising to 7.1% from 1 September.

Without the cap, both plans would have been set at 7.1% because March's Retail Price Index (RPI) figure rose to 4.1%. The new rates will run from 1 September 2026 to 31 August 2027. The government first announced the 6% ceiling in April, then confirmed the annual rates on 10 August.

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