Interest rates on student loans look set to double, it emerged this week. The interest charged on a student loan now stands at just 2.4%, but rising inflation means students and graduates could soon face interest rates of twice that on their outstanding loans.
That's because the Student Loans Company interest rate, which is set every autumn, is based on the March retail price index, which this year jumped to 4.8%.
The Welsh party Plaid Cymru this week described the student loan system as "a complete scandal". Plaid member Bethan Jenkins said: "If interest rates double, many will be charged £50 a month in interest alone. We cannot allow this to continue."Labels: academy awards, career training, education online, financial aid, free college, free education, high school, scholarship, student loans, study abroad |
