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The uk education loan rate of interest happens to be within six

The uk education loan rate of interest happens to be within six

#16 ?17 million is actually loaned so you’re able to people from year to year

step 1.3 billion students make an application for a loan on a yearly basis; ?17 mil is provided call at student education loans so you’re able to the newest students most of the educational year.

#17 The current interest rate to have Uk figuratively speaking try six.1%

1% hence accrues high interest costs – people are obligated to pay ?5,800 within the attract just before they scholar! New rising interest levels possess a significant effect on the overall boost of scholar financial obligation.

#18 5.step 3 mil people in the uk has a fantastic scholar financial obligation

The complete number of consumers in britain one to owe student financial obligation is actually 5.3 billion, which shows a rise of 6% out of past decades.

#19 There’s a thirty% escalation in student loans between 2016 and 2018

Anywhere between 2016 and you will 2018, how many student education loans increased from the 31% because of a rise in traditions criteria, the increase from university fees fees because of the dos%, and a boost in student loans interest rates in britain. The new growing number of college loans ensures that you will find an increase within the college student financial obligation too.

#20 Simply 991,500 people have fully reduced the college loans

The number of somebody that has repaid their overall education loan obligations in britain because it was established in 1998 was 991,five hundred, representing simply 19.3% of all of the people who find themselves liable to repay.