Submitted on Monday 10th December 2018
Published on Monday 17th December 2018
Current status: Closed
Closed: Monday 17th June 2019
Signatures: 141
Tagged with
Scrap interest on student loans
The threshold for repayment has been increased from £21000 to £25000, but this goes no way towards dealing with the issue of high interest on student loans. Those who leave university with £50000 of debt could potentially be liable for £100k+ repayment over the lifetime of the loan. This is wrong.
Those earning over £45k have to pay top interest rates of 6.3 percent and this can accrue for 30 years. Higher than most mortgages, yet students are expected to still go ahead and get on the property ladder in an already challenging market. Moreover, many graduates in London who are exposed to a higher cost of living (and salary to compensate) will be exposed to the higher interest rate just because of their location.
www.slc.co.uk/students-and-customers/loan-repayment/interest-rates.aspx
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