Early repayment fees for Student Loans
The coalition government is considering options to charge early repayment fees for students who wish to free themselves of student debt early. This is compounded further by astronomical increases in tuition fees in recent years (and therefore increased student borrowing).
The rationale here is that only those that are wealthier, have the capacity to repay early, and should pay for the privilege.
Currently, interest rates on student loans are linked RPI (or RPI+3% for higher earners) and this is not helpful either.
We are not wealthy graduates. If we were, we would not have needed a student loan in the first place. We are the hard working citizens of this nation who are trying to free ourselves from the misery of debt.
We urge the government not to entertain any discussions regarding early repayment fees for student borrowing.
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