Submitted on Sunday 29th May 2016
Published on Friday 3rd June 2016
Current status: Closed
Closed: Saturday 3rd December 2016
Signatures: 7
Change the repayment threshold of Plan 1 Student Loans in line with inflation.
In 1998 when the government introduced Plan 1 Student loans, the repayment threshold was £15,000 which represented a significant salary level at the time. Interest is applied to the loans annually to ensure the value of the loan outstanding keeps pace with inflation.
With inflation averaging 2.7% a year, if the repayment threshold had also been increased (in line with the interest added to the outstanding balance) in order to account for the rise in salaries to match the increase in the cost of living, the repayment threshold would now stand at £24,645.
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