The APR for 1 September 2021 to 31 August 2022 is 1.5%.
The rate of interest applied to your accounts is set by the UK Government every year.
Whenever there is a change in the annual interest rate, this will result in a change in your monthly repayment amount compared to the preceding year. We'll always notify you in writing when the interest rate changes, typically in your annual statement, which is issued every September.
Interest is calculated daily at the appropriate rate and applied to your account every month. It is important to remember that interest continues to be applied to your account even when you are in deferment.