The Government plans to cut student loan interest rates in England and Wales for the second time this summer as inflation and the cost of living continue to soar.
Interest rates will not be increased to the planned 7.3% from September as announced back in June, but instead will increase from 4.5% to 6.3% and the maximum rate will be fixed at 6.3% from September 2022 ( to be reviewed again in December).
Northern Ireland student loan interest rates are as follows:
Plan 1 student loan NI:
1st Sep 2022 – 31 Aug 2023 the interest rate will increase from 1.5% to 2.75%.
Plan 2 student loan NI:
1st Sep 2022 – 1 Nov 2022 is expected to be 6.3%.
1 Dec 2022 – 31 Aug 2023 is expected to be 7.3%.
The above Student Loan interest rates in Northern Ireland are subject to pending HMRC guidance.