What are the interest rates for student loans?

Interest rates for student loans in the UK can vary based on a number of factors, including when a student took out their loan and whether they are still studying or have already graduated. As of 2023, the interest rates are generally set based on the Retail Price Index (RPI) plus an additional margin that is determined by the borrower's income. For loans taken out from the academic year 2012 to 2013 onwards, the interest rate is linked to the borrower's income after graduation. If a graduate earns under a certain threshold, the interest rate may be set at the RPI only. As income rises, the interest rate can increase, capping at the maximum set interest rate of RPI plus three percent for those earning over a certain amount. It is important to note that interest rates are reviewed each year, and changes may take place in August. For the most accurate and detailed information about the current interest rates, including any updates or specific figures for different loan types, it is best to visit the official Student Finance website. This site regularly publishes up-to-date information regarding interest rates for both current and prospective borrowers.