Most recent graduates in England and Wales will be charged 9% from September amid rising retail prices index
Interest rates on student loans are set to soar to as high as 12%, costing higher-earning graduates an extra £3,000 unless the government intervenes, according to the Institute for Fiscal Studies.
Interest rates on post-2012 student loans are based on the retail prices index, with the rise in the RPI in March meaning most recent graduates in England and Wales will be charged 9% from September, up from the current rate of 1.5%.
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