Submitted on Sunday 3rd January 2016
Published on Friday 8th January 2016
Current status: Closed
Closed: Friday 8th July 2016
Signatures: 136
Reform Student Loan Administration
Students and graduates deserve up-to-date, accurate and clear information on their loans, interest charges and repayments. Currently the system employed by Student Finance England is imprecise, misleading and based on historical information. There is a clear need for urgent reform.
Currently repayments are made directly through P.A.Y.E. but not shown until after the end of the tax year. Although repayments can be calculated online and interest calculated there is no access to up to date statements showing repayments or interest. This inevitably results in over repayment of loans with a severe delay in SFE realising the loan has been repaid and reimbursing the overpayment. What is needed is real time information so that accurate records are kept which can be viewed online.
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