House of Commons · Written Ministerial Statement
Student Loan Interest Rates
05 September 2022 · Department for Education
Proposed by Andrea Jenkyns Con Morley and Outwood
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The Post-2012 undergraduate and postgraduate income contingent repayment student loan interest rates will be capped at 6.3% from September 1, 2022, to November 30, 2022.
- The cap is proposed in response to actual prevailing market rates being lower than initially forecasted.
- Parliamentary approval is required for the cap to be implemented.
Issue summary
The statement addresses a temporary reduction in student loan interest rates for Post-2012 and postgraduate income-contingent repayment loans.
Action requested
I am announcing a cap on the Post-2012 undergraduate and postgraduate income contingent repayment student loan interest rates to 6.3% from September 1, 2022, until November 30, 2022, subject to parliamentary approval. This is in response to actual prevailing market rates being lower than initially forecasted.
Key facts
- The Post-2012 undergraduate and postgraduate income contingent repayment loan interest rate will be set at 6.3% from September 1, 2022, until November 30, 2022.
- The initial announcement on June 13, 2022, proposed a student loan interest rate of 7.3% for the period starting September 1, 2022.
- If actual prevailing market rates are lower than forecasted, the student loan interest rate will be adjusted accordingly.
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Assessment & feedback
Summary accuracy