Review the way interest is added to student loans.

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Petition Action

Review the way interest is added to student loans.

Petition Details

Many young people will never afford to pay back their student loan. Not only does the current system saddle young people with debt, it is not good for their mental health to know the loan is being added to monthly. The proposal here is to review the student loan interest system.

Additional Information

Reducing interest rates, to be in line with the current Bank of England interest rate plus running cost of a non profit making company, seems to be a much better prospect for young people. The government will have to pick up the bill for any remaining loan, once the student is 53 years old. Let’s make a system work where young people can realistically pay their loans off or a system where the government subsidises all loans.

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