Student loan interest rates are set to rise from 4.5% to 6.3% for many from September. The change will affect current students in England and Wales, as well as former students with outstanding loans who started university in/after 2012.
This is in addition to the government announcing that the student loan repayment term will be extended to 40 years for new borrowers from September 2023 to ensure more students repay their loan in full.
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