"Capping the maximum interest rate on plan 2 and plan 3 student loans will provide immediate protection for borrowers, supporting those who are most exposed within this already unfair system."
"We know that the conflict in the Middle East is causing anxiety at home, and while the risk of global shocks is beyond our control, protecting people here is not."
The Department for Education announced a cap of 6% on interest rates for plan 2 and plan 3 student loans. Graduates with plan 2 loans currently pay interest based on the retail price index plus up to 3% based on earnings. Plan 2 loans cover undergraduate courses and PGCEs since September 2012, while plan 3 loans cover postgraduate courses. Skills minister Jacqui Smith emphasized the need to protect borrowers from inflation risks exacerbated by global conflicts, stating that this cap will provide immediate support to those most affected by the current system.
Read at www.theguardian.com
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