Make income threshold for student loan repayments £60,000 and charge no interest

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Make income threshold for student loan repayments £60,000 and charge no interest

Petition Details

We propose the following change: Base repayments above £60,000 income are solely on the capital loan balance, charging no interest, allowing faster debt repayment and saving people that graduated after 1998 thousands.

Additional Information

In 1998, the government introduced interest on student loans repayments. Before this, student loans were interest-free in real terms. For a graduate in 2022, the average student debt is £44,940, with interest accruing from the moment the loan is issued. Currently, most graduates are on Plan 2, where repayments begin once they earn above £27,295 per year. Above this threshold, a fixed percentage of income is deducted to repay the loan. However, there is no cap on the interest.

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