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Student Loan Interest Rates

05 September 2022

Proposing MP
Andrea Jenkyns Con
Morley and Outwood
Type
Written Ministerial Statement
Department
Department for Education
View on Parliament.uk -->

At a Glance

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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