Minister says change for plan 2 and 3 loans in England and Wales will ‘protect borrowers’ from impact of global conflict
The 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.
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