MORE than £20million will be wiped off Scottish student debt next month thanks to a major cut in interest rates, the Press and Journal can reveal. With economic misery hitting many families through record fuel costs and rising food prices, the Student Loan Company is about to announce a 1% drop in interest rates for the next 12 months. Student debt in Scotland passed £2billion for the first time at the end of the last financial year and the announcement will save Scots more than £20million overnight.