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Student debt management affected by inflation

Student debt management affected by inflation

- Wednesday, 21 April 2010

Student debt problems could be made worse as loan rates might increase in the autumn, but money expert Martin Lewis has advised students and graduates not to panic.

Higher interest rates may be announced by the Students Loans Company in September, following the hike in inflation last month.

Every September the interest rate payable is reset based on the Retail Price Index, which rose to 4.4 per cent in March; if interest is higher student debt will take longer to clear.

Martin Lewis, of consumer website MoneyExpert.com, said: "Much is still uncertain, so the best thing to do right now is sit tight. Don't overpay your student loan, and if you've spare cash put it in the highest interest savings account you can as loans are currently interest free."

He added that spare cash should be used to clear debt from mortgages or other forms of borrowing before the student loan as it is the least expensive debt.

These fears follow the Office for National Statistics revelation that inflation grew to 3.4 per cent in March because of rising fuel, energy and food prices.ADNFCR-2300-ID-19733451-ADNFCR
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