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Students and graduates in England will be paying up to 12% interest on their loans this autumn, according to the Institute for Fiscal Studies (IFS).
The interest rate will fall in March 2023 when an interest rate cap comes into effect.
From September the rate will increase from 4.5% to 12% for high earners and from 1.5% to 9% for low earners.
That means the average graduate with £50,000 in debt will pay around £6,000 in interest over a year.
For students starting in 2023, the rate will be set at a lower level.
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https://www.mirror.co.uk/money/breaking-student-loan-interest-rate-26701266 The interest rate on student loans is set to reach 12% for graduates in England this year