Andrea Jenkyns – 2022 Comments on Student Loan Interest Rates Cut

The comments made by Andrea Jenkyns, the Minister for Skills, on 10 August 2022.

We understand that many people are worried about the impact of rising prices and we want to reassure people that we are stepping up to provide support where we can.

Back in June, we used predicted market rates to bring forward the announcement of a cap on student loan interest rates down from an expected 12% and we are now reducing the interest rate on student loans further to 6.3%, the rate applying today, to align with the most recent data on market rates.

For those starting higher education in September 2023 and any students considering that next step at the moment, we have cut future interest rates so that no new graduate will ever again have to pay back more than they have borrowed in real terms.