Interest on student loans is pegged to inflation, as measured by the RPI, in order to maintain the real value of the debt over its term. The rate is set each year in March, which means that the interest rate prevailing in the academic year beginning in September will, in theory, be -0.4%—a transfer from state to student. Debtors are giddy at the prospect that taxpayers will be forced to pay off part of their loans for them. The government, which never foresaw such an eventuality, seems unsure. Last month it said a decision would be made if and when inflation went negative; it now says it need not decide until September.
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