Frequently Asked Questions - Student Loan Payments
What is the interest rate that is accruing on my loan?
| Tax year | Total interest rate | Base interest rate | Interest adjustment rate | |
|---|---|---|---|---|
| 1 April 2008 to 31 March 2009 | 6.7% | - | - | |
| 1 April 2007 to 31 March 2008 | 6.8% | 4.1% | 2.7% | |
| 1 April 2006 to 31 March 2007 | 6.9% | 3.8% | 3.1% | |
| 1 April 2005 to 31 March 2006 | 7.0% | 4.2% | 2.8% | |
| 1 April 2004 to 31 March 2005 | 7.0% | 5.5% | 1.5% | |
| 1 April 2003 to 31 March 2004 | 7.0% | 4.2% | 2.8% | |
| 1 April 2002 to 31 March 2003 | 7.0% | 5.1% | 1.9% | |
1.5% penalty charge: If you have an overdue repayment, a 1.5% penalty is charged monthly on the outstanding amount for any period after 1 April 2007. For any outstanding amounts before 1 April 2007, late payment penalties were charged at 2%. |
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