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The Department for Education (DfE) has confirmed that the maximum Plan 2 and the Postgraduate loan interest rate will be 6.5% between 1 December 2022 and 28 February 2023.
From 1 September 2022 to 30 November 2022, the maximum Plan 2 and the Postgraduate loan (PGL) interest rate was set at 6.3% for all Plan 2 and PGL borrowers, in line with the prevailing market rates available at the time of setting the cap.
Following this, the Government has confirmed that the maximum Plan 2 and the Postgraduate loan interest rate will be 6.5% between 1 December 2022 and 28 February 2023, to take into account an increase in the prevailing market rates.
From 1 March 2023 to 31 August 2023 the maximum Plan 2 and the Postgraduate loan interest rate will be capped at the forecast prevailing market rate for the 2022/23 academic year. This is 7.3%, in line with the Government announcement dated 13 June 2022. Should the actual prevailing market rate turn out to be lower than forecast, a further cap would be implemented to reduce student loan interest rates accordingly.
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Added updated announcement from the Department of Education (DfE). Interest rates for date ranges 1 September 2022 to 30 November 2022 added.
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Change to maximum Plan 2 and Postgraduate student loan interest … – GOV.UK
