Submitted on Tuesday 21st July 2020
Rejected on Thursday 30th July 2020
Current status: Rejected
Rejection code: duplicate (see below for details)
Change student loans interest from compound to a fixed percentage from start
Currently student debt increased with an interest of RPI +3% every year. The issue is that graduates who go into lower paying jobs end up paying back more over their lifetimes due to the accumulation of interest. Having a fixed value, say 15%, calculated the moment your degree finishes avoids this.
The current system punishes students who want to go into lower paying jobs. Not only do they arguably get less value for money from their tuition fees, but will end up paying back debt over a longer period of time, and pay back more. It seems unfair that earning less has knock-on financial effects throughout your life. Changing the system to having the interested calculated the moment the degree finishes at a fixed value at least means that people who need longer to pay it back, pay the same amount.
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The Government e-Petitions Team gave the following reason:
There's already a petition about this issue. We cannot accept a new petition when we already have one about a very similar issue.
You are more likely to get action on this issue if you sign and share a single petition.
You may wish to sign this petition calling for the same action: petition.parliament.uk/petitions/330325
18.117.254.221 Sat, 16 Nov 2024 09:35:31 +0000
