As the cost of living continues to blight the British public, a potential hike of interest rates on student loans is giving future graduates cause for concern.
Recently published data by The Institute for Fiscal Studies indicates the maximum interest rate, charged to graduates earning more than £49,130, could soar from 4.5% to a staggering 12% in September.
The interest rate for low-earning graduates could also see a monumental increase, from 1.5% to 9%.
The grim projections come in the same month National Insurance payments increased by 1.25% to help the NHS recover from the effects of the pandemic, as the cost of living continues to prick the pockets of the nation.
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