UK government caps student loan interest rates at 6% from September

Minister says change for plan 2 and 3 loans in England and Wales will ‘protect borrowers’ from impact of global conflictUK politics live – latest updatesThe interest rate on plan 2 and plan 3 student loans will be capped at 6% from September, ministers have announced, amid concerns that higher inflation will drive repayments up for many graduates.Ministers acted after months of criticism over the loans becoming a “debt trap” that often leave graduates in England and Wales paying tens of thousands more than the original loan amount. Continue reading...