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Student loan interest rate to double

03 Sep 2007

Student loan interest rate to double Unfortunately, students graduating from university will soon see their debts rising even faster.

As reported by Thisismoney.co.uk, the student loan interest rate is set to double, from 2.4 per cent to 4.8 per cent for those students taking out loans now.

The rate, which is decided upon once a year, comes into effect from this month.

Graduates are required to begin repaying their loans from the April after they graduate, providing they then earn at least £15,000 a year.

With typical graduates now leaving university with debts of around £12,000, the rate hike is sure to put students under even greater financial pressure.

Graduates looking for careers that will allow them pay off their student loans as quickly as possible may want to head towards the legal profession.

A recent survey, by Legal Business magazine, found that newly-qualified lawyers at some top commercial law firms in the UK are being given starting salaries of almost £100,000.

However, several popular graduate career choices offer an uncertain financial future.

In a recent YouGov poll, almost ten per cent of respondents said writing was their ideal career - a profession with a notoriously uncertain wage packet.

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