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A number of factors come into play when estimating the cost of your higher education.
The cost to you and your family will be dependent upon your course, institution and household income.
All student loans have interest added to them. This interest rate is based on the annual March retail price index (RPI) or the highest base rate of a number of major banks plus 1%; whichever is lower. The amount you pay back will have broadly the same value as the amount you borrowed and no profit is made on the loan itself. The interest rate is currently 2.5%.
More information about the interest applied to student loans is available at www.studentloanrepayment.co.uk
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