Update on pre-2012 income contingent (ICR) student loans interest rate
Published By GOV.UK [English], Mon, Mar 21, 2022 4:30 AM
The Department for Education (DfE) has confirmed that the current interest rate for pre-2012 income contingent (ICR) student loans will remain at 1.50%.
On 17 March, the Bank of England base interest changed to 0.75%. This means that the Bank base rate + 1% is now 1.75%.
Pre-2012 ICR student loans have an interest rate of either RPI (from the March prior to the September when the new interest rates are implemented) or the Bank Base Rate + 1%, whichever is the lower (this is known as the “low interest cap”). As RPI is currently lower than the Bank base rate +1%, pre 2012 ICR student loans now have an interest rate of RPI.
Press release distributed by Media Pigeon on behalf of GOV.UK, on Mar 21, 2022. For more information subscribe and follow