Angela Rayner MP, Labour’s Shadow Education Secretary, commenting on the impact of the latest rise in RPI on student loans, said:

“The latest rise in RPI means that hundreds of thousands of students will be seeing the unjustifiably high interest rates on their student debt rise once again, to an eye-watering 6.3 per cent.

“Students are graduating with over £50,000 in debt, and face these interest rates from the moment they begin their courses, causing their debt to skyrocket during their time at university, when they cannot even begin to pay it back. As a direct result of the choices made by Tory Ministers those interests rates will now rise once again.

“The next Labour Government will take immediate action to address these problems, abolishing tuition fees and bringing back maintenance grants to ensure that every young person can access higher education without facing a 30 year debt burden.”