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Liverpool Echo
Liverpool Echo
World
Fionnula Hainey & Gemma Jones

What it means for you as student loan interest rates set to soar

IFS

Student loan interest rates are set to soar this year.

The Institute for Fiscal Studies warned that graduates paying off their student loans, mainly students who took out a loan after 2012, are in for a "rollercoaster ride". The maximum interest rate is set to rise to a staggering 12% for half a year for the highest earners, reported Manchester Evening News.

The IFS said that based on the current Retail Price Index (RPI) inflation rates, the changes will see the maximum interest rate on loans rise from 4.5% to an “eye-watering” 12% for half a year for the highest earners. Meanwhile, interest rates for low earners will rise from 1.5% to 9%.

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