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Should Plan 2 student loan interest rates be capped at 6% in England?
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Plan 2 student loans in England charge interest at rates up to RPI inflation plus 3%, currently around 6.2%, with the cap not being applied. From September, the government is capping interest rates on Plan 2 and Plan 3 loans at 6% to protect borrowers amid high inflation and criticism over rising costs. This affects millions of graduates repaying loans over 30-40 years, as uncapped rates can double the debt burden.
SourceBBC News
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