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Reduce and freeze student loan interest rates at 1.5% per annum

Submitted by Mr Jack Thompson on Wednesday 24th November 2021

Published on Monday 13th December 2021

Current status: Closed

Closed: Monday 13th June 2022

Signatures: 155

Relevant Departments

Tagged with

Debt ~ Economy ~ finding ~ Interest rates ~ level ~ Loan ~ Minimum ~ paying ~ People ~ Ratings ~ RISE ~ Student loan ~ student loans ~ Universities ~ You

Petition Action

Reduce and freeze student loan interest rates at 1.5% per annum

Petition Details

The Government should reduce the interest rates on all student loan plans to 1.5% per annum and freeze them at that level.

Additional Information

Those who try at university and get a decent-paying job that allows them to reach the threshold to pay back their loans should not be punished. Currently, the interest rate can be as high as 4.5%. For a total student loan debt of £38,298, you might have to pay a minimum of £1,723 a year, just to keep the total debt from rising. This risks pressuring people into finding ways to avoid declaring incomes, which could negatively affect the economy.

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