Submitted on Tuesday 3rd October 2017
Published on Tuesday 10th October 2017
Current status: Closed
Closed: Tuesday 10th April 2018
Signatures: 1,614
Tagged with
Remove rip-off compound interest from student loans
Student loans charge a huge 6.1% interest, even during study. Worse, the 6.1% is compounded monthly, meaning interest is added to the loans every month, making loans bigger, so the next month the interest costs even more; the loans get bigger and interest costs increase every month. It is a rip-off.
Even though the base rate is only 0.25%, students are exploited by horrendous 6.1% interest, compounded monthly, being charged on their loans – this can double or treble the size of the loans and massively increase interest costs, too. Most ‘normal’ loans do not do this. It is exploitative. No wonder student loans get bigger even while borrowers are paying off their loans. Sign the petition to remove interest from student loans. More info. here: https://www.afairdealforstudents.com/
You can't sign this petition because it is now closed. But you can still comment on it here at Repetition.me!
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