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 conflictExplainer: what the rate cap means for graduatesMillions of graduates will have the interest on their student loans capped at 6% from September as a temporary measure to protect them from the risk of rising inflation driven by war in the Middle East.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...