To: Minister of State for Skills, Further and Higher Education - Jacqui Smith
Scrap Interest on Student Plan 2 Loans
The Student Loan Scam and the misselling of Plan 2 loans has resulted in over 5 million people between 2012 and 2023 paying many thousands of pounds more than they were promised - resulting in many accruing over £30,000 in interest on courses they were told would only cost them £9,250 per year.
The government and minister Jacqui Smith needs to review this immediately to plan an effective approach on reimbursing students for these deceitful plans, and in the meantime should scrap interest in order to prevent further wrongful charges for what should be a public benefit.
The government and minister Jacqui Smith needs to review this immediately to plan an effective approach on reimbursing students for these deceitful plans, and in the meantime should scrap interest in order to prevent further wrongful charges for what should be a public benefit.
Why is this important?
Over 5 million people have been affected by the misselling of Plan 2 Student Loans, and should be treated as victims of a massive scandal. Many are accepting loans which the government acknowledges are unlikely to be paid off in full - primarily impacting the working and middle classes.
Not only is this a scandalous issue of misselling, but it is also deeply rooted in class-divide and elitist concentrations of power.
Not only is this a scandalous issue of misselling, but it is also deeply rooted in class-divide and elitist concentrations of power.
