Scrap RPI +3% interest on plan 2 & postgrad student loans & charge RPI only

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Petition Action

Scrap RPI +3% interest on plan 2 & postgrad student loans & charge RPI only

Petition Details

I am concerned about the interest rate that is charged on Plan 2 and Postgraduate student loans. These are much higher than other student loan plans. We urge the Government to only charge interest at RPI on plan 2 and postgraduate student loan repayments

Additional Information

The current rate of interest on these loans is often higher than most mortgages and young people are unlikely to be able to pay both. I am concerned motivation to earn may be lost as some mid-high earners may end up paying a high marginal tax rate plus NI until they retire. I am also concerned that women may be adversely affected as interest still accrues while on parental leave, which could potentially be contributing to the already low birth rate.

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