Education loan interest is currently 5.4% – do I need to panic or repay it?

Education loan interest is currently 5.4% – do I need to panic or repay it?

You leave college, getting excited about your own future, spot your student then loan declaration. There is a sinking feeling as you notice Ј1,000s of additional interest. Yet education loan statements could be dangerously deceptive. They’ve led some into making catastrophic decisions that are financial. For some graduates, bizarrely, interest is not relevant. Ignore it, and it surely will disappear completely.

This guide that is unique MoneySavingExpert.com creator Martin Lewis, for English and Welsh pupils whom began uni in or after 2012 (who have got what are called Arrange 2 loans), turns many people’s comprehension of figuratively speaking on its head – uncovering the way the interest really works, whether you ought to worry or otherwise not, and whom must certanly be attempting to clear it.

Started college pre2012, or perhaps not an English or Welsh pupil? There are more guides for your needs

In this guide