Unfortunately, yes. In England and Wales, your interest will be charged on top of the rate of inflation. This means you will most likely be charged between whatever the going rate of inflation happens to be at that point, in time, plus whatever the actual percentage is on the loan. Whilst at University you will pay the rate of inflation (RPI) plus whatever the percentage is on your loan. This will be the same until the April in the year that succeeds your graduation.
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