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14th June 2009, 1:12pm
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#1 | | is Elseworlds
Join Date: Nov 2005 Location: Cambuslang
Posts: 2,335
| Student Loan interest rates from September 1st 2009
Mortgage Style Loans (pre-1998, paid direct to SLC or deferred) - -0.4% (yes, that's minus point four percent.
Income Contingent Loan (1998 onwards, taken from wages) - 0%
CELEBRATE GOOD TIMES, COME ON!!! 
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14th June 2009, 1:14pm
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#2 | | Registered User Editor
Join Date: Nov 2003 Location: Glasgow
Posts: 9,058
| Re: Student Loan interest rates from September 1st 2009
Yas! Is this permanent? The interest on mine last year alone was £400  | |
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14th June 2009, 1:19pm
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#3 | | terrifying snail of metal
Join Date: Jul 2008 Location: Glasgow/Fife
Posts: 4,995
| Re: Student Loan interest rates from September 1st 2009
excellent news, though i'll still probably be the wrong side of 40 before the fuckers are totally paid off
__________________  when i am in charge everyone who is LOVELY will get a BIG HAT, that will be THE LAW. Stalk me Follow my waffle | 
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14th June 2009, 1:20pm
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#4 | | is Elseworlds
Join Date: Nov 2005 Location: Cambuslang
Posts: 2,335
| Re: Student Loan interest rates from September 1st 2009
Quote:
Originally Posted by triggerhappy  Yas! Is this permanent? The interest on mine last year alone was £400 | Nah, it's reviewed yearly in line with the Bank of England base rate or the Retail Price Index depending on which is lower.
The newer style ones dropped from 3.8% to 1.5% between September and February in line with inflation. Interest on older loans couldn't be dropped due to the type of credit agreement, hence why it's going negative from September.
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14th June 2009, 1:24pm
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#5 | | Registered User Editor
Join Date: Nov 2003 Location: Glasgow
Posts: 9,058
| Re: Student Loan interest rates from September 1st 2009
Quote:
Originally Posted by Prof Nah, it's reviewed yearly in line with the Bank of England base rate or the Retail Price Index depending on which is lower.
The newer style ones dropped from 3.8% to 1.5% between September and February in line with inflation. Interest on older loans couldn't be dropped due to the type of credit agreement, hence why it's going negative from September. | Bah, I was hoping they'd revised their bastard ways rather than this just being an effect of the recession. Ah, well, it'll save be a few bob this year so I'm happy. Quote:
Originally Posted by ladysavage excellent news, though i'll still probably be the wrong side of 40 before the fuckers are totally paid off | If my payments were to stay the same as they are now I'd be over fifty when it's paid off. Unfortunately I have the new style loan (just) so it doesn't disappear after 25 years
Last edited by triggerhappy; 14th June 2009 at 1:24pm.
Reason: Automerged Doublepost
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14th June 2009, 1:28pm
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#6 | | is Elseworlds
Join Date: Nov 2005 Location: Cambuslang
Posts: 2,335
| Re: Student Loan interest rates from September 1st 2009
Aye, though if the ecomony stays the same so will these rates.
The other good thing is that the interest rate won't go above this level. So, if the economy returns to 'normality' your student loan will still have the same interest rate for the rest of the academic year.
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14th June 2009, 2:04pm
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#7 | | Hammer Smashed Face
Join Date: Apr 2001 Location: Airstrip One
Posts: 28,981
| Re: Student Loan interest rates from September 1st 2009
Yas, I knew there was a reason for not paying it back. | |
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