Education secretary Bridget Phillipson has said that the government has no plans to change the figure of 9% interest that people pay on their student loans.
Speaking to BBC Breakfast, she said:
That was a figure chosen by a previous government.
We are looking at the student finance system. It is complicated. We are looking at it. However, I do think it is right that students through that system make a contribution to their education.
When asked whether the government plans to lower the 9% interest rate on student loans, she said:
We don’t have any immediate plans to change that figure.
I wouldn’t want any young person, however, to be put off from going to university because of the system. And it’s worth just highlighting that you don’t pay anything until you’ve graduated, until you’re working, and going to university is a fantastic investment in your future.
