"Sir Keir Starmer has committed to assisting students, informing MPs he will explore methods to enhance the fairness of the student loan system. This comes as the Prime Minister's official spokesman suggested that ministers might consider reducing interest rates and adjusting the repayment threshold on student loans."
"Following the November budget presented by Chancellor Rachel Reeves, the salary threshold at which loan repayments commence will be frozen at 29,385 for three years, a decision expected to result in increased payments for many graduates."
"Interest on Plan 2 loans is charged at the rate of RPI inflation plus up to 3 per cent, depending on how much a graduate earns."
Sir Keir Starmer has pledged to assist students by exploring ways to enhance the fairness of the student loan system. The Prime Minister's official spokesman indicated that ministers may consider reducing interest rates and adjusting the repayment threshold on student loans. During Prime Minister's Questions, Starmer attributed escalating student loan costs to the Conservative government. Following Chancellor Rachel Reeves' November budget, the salary threshold for loan repayments will be frozen at £29,385 for three years, resulting in increased payments for many graduates. Plan 2 loans currently charge interest at the rate of RPI inflation plus up to 3 percent, depending on graduate earnings.
Read at www.independent.co.uk
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