Review above inflation interest rates applied to Plan2 Student Loans in England

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Review above inflation interest rates applied to Plan2 Student Loans in England

Petition Details

The Plan2 annual rate of interest while students are studying is RPI plus 3% and continues to be above RPI unless earnings stay below £21,000.
Previous Plan2 %rates (Plan1 pre-2012) are:
2012/13 6.6% (1.5%)
2013/14 6.3% (1.5%)
2014/15 5.5% (1.5%)
2015/16 3.9% (0.9%)
2016/17 4.6% (1.25%)

Additional Information

The uncertain economic future after the EU Referendum leaves Plan2 borrowers vulnerable. In addition, there is the looming threat of the Plan2 student loan book being sold to a private sector financial institution.
This petition asks the government to review Plan2 student loans to remove above inflation interest rates and introduce a cap; thus protecting English students from becoming “an indentured class of graduates from whom higher repayments can be extracted.” (McGettigan, A) @plan2fight

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