Current status: Answered by Graeme Dey on 20 September 2024
To ask the Scottish Government what the rate of interest is on student loans for students from Scotland, and how this compares with other parts of the UK.
The interest rate for Scottish domiciled students is currently 4.3%.
The interest rates currently applied across the UK are as follows:
Plan 1 – Northern Irish borrowers, English and Welsh pre-2012 borrowers – 4.3%
Plan 2 – Post 2012 Welsh borrowers, English borrowers between 2012 – 2023 – 7.3%
Plan 3 – English and Welsh postgraduate borrowers – 7.3%
Plan 4 - All Scottish borrowers – 4.3%
Plan 5 – English post 2023 borrowers – 4.3%
Information on student loan interest rates and further terms and conditions across the UK can be found here: Repaying your student loan: Overview - GOV.UK (www.gov.uk).