Remove the extortionate interest being charged on student loans

Currently the student loan company charges an interest rate of RPI + 3% from the first payment a university student receives for fees until the April after their course ends. Then an interest rate between RPI and RPI + 3% depending on what the former student is earning until it is paid.

For a student who began in 2012 and only took a loan for fees the monthly interest amount being added to the loan while she was still studying ranged from £11.85 in a month to £100.22 in a month - for 10 months of the 3 year period the monthly interest added that month was over £90. Even where such a student is not earning enough for the repayments to kick in on graduation - over £16 a month is being added to the debt every month. For students with maintenance loans this is doubled.

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Friday 10 June 2016

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