Submitted on Friday 10th November 2017
Published on Friday 17th November 2017
Current status: Closed
Closed: Thursday 17th May 2018
Signatures: 45
Urgently stop student loan sales which are happening now.
Despite the student loans crisis, on 31st October 2017, Jo Johnson MP said he was going ahead with the sale of student loans. If the loan sales go ahead, students' interest and loan payments will end up in the pockets of private investors. This marketisation of education needs to be stopped.
Even though there are three unfinished government inquiries into student loans at the moment, Jo Johnson announced he was proceeding with the sale of student loans. Loan sales should be stopped until the inquiries are completed. Loan sales crystallize loan terms so it is difficult for students to benefit from improvements made to loan terms. Loan sales also expose the taxpayer and student borrowers to risk of footing the bill for warranties and indemnities for sale arrangers and investors.
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