Submitted on Tuesday 5th July 2016
Published on Monday 18th July 2016
Current status: Closed
Closed: Wednesday 18th January 2017
Signatures: 96
Fully regulate Student Loans Company, with reform of the repayment process.
Many graduates have been left thousands of pounds short by an administrative process that is not fit for purpose. This petition calls on the Government to reform the repayment process and regulate Student Loans Company in line with retail lenders.
Graduates leave education with thousands of pounds worth of debt that is repaid via their payslips. The money is collected by HMRC and passed to Student Loans Company annually to be credited to the outstanding balance.
Current arrangements mean that money is frequently not credited to the loan, despite being paid by the graduate. This means it can take longer to repay a student loan, while interest is accrued.
HMRC and SLC do not to have mechanisms to check/rectify mistakes in a timely manner.
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