House of Commons · Written Ministerial Statement
Higher Education Update
09 November 2022 · Department for Education
Proposed by Robert Halfon Con Harlow
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The maximum interest rate on post-2012 undergraduate and postgraduate income contingent repayment loans will be reduced to 6.5% from December 1, 2022.
- The reduced interest rate of 6.5% will be in effect until February 28, 2023.
- The interest rate will revert to 7.3% from March 1, 2023.
Issue summary
The statement addresses the reduction of student loan interest rates for post-2012 and postgraduate loans.
Action requested
I am announcing a temporary reduction in the maximum interest rate on post-2012 undergraduate and postgraduate income contingent repayment loans to 6.5% from December 1, 2022, to February 28, 2023. The rate will revert to 7.3% from March 1, 2023.
Key facts
- From September 1, 2022, to November 30, 2022, the maximum interest rate was 6.3%.
- For December 1, 2022, to February 28, 2023, the maximum interest rate is 6.5%.
- From March 1, 2023, to August 31, 2023, the maximum interest rate will be 7.3%.
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Assessment & feedback
Summary accuracy