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Student loans: Why is the interest rate so high?

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From this month the interest rate that students in England pay on their loans goes up from 4.6% to 6.1% – 24 times the Bank of England base rate.Speaking to BBC 5 live, second year undergraduate Nyasha says she is unhappy with the rise.The Department for Education says “borrowers will only pay back what they can afford so no-one will see monthly repayments rise” and “only the highest earners will pay the top rate of interest.”
Source: BBC