Change student loan arrangements to reflect career success

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Change student loan arrangements to reflect career success

Petition Details

The current arrangements reduce the incentive for students to achieve high-earning roles. Successful students see their debt increase every year until they are earning 4 x the average salary.
Lower earners may never repay anything. This situation cannot be justified.

Additional Information

The interest on the debt should be fixed at the no more than half a percent above the Bank of England rate when the loan is issued. Repayment should then be taken from all earnings/income (with no lower limit) at a rate that would pay the interest charges and reduce the outstanding balance. If students never work then the loan should be collected by a small reduction in any benefits.

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