It's capped at 3.5%
There are no plans to reduce the interest rate cap for Manx students repaying their loans.
The Department of Education has made the declaration in response to a Tynwald written question from Onchan MHK Rob Callister.
Minister Daphne Caine says the rate applied to the loans is determined by the Bank of England base rate set on 1 July in the relevant year, but adds that this is already capped at a maximum of 3.5 percent.
This arrangement was made under regulations in the Education (Student) Regulations 2023, and the Minister says there is no current intention to lower the rate.
Picture credit: Daphne Caine
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