50 signatures reached
To: Education Secretary
Student Loan Interest Rate
Reduce the interest rate on Student Loans which I understand is going to be 6.1% from September. (3% above the inflation rate) Students leaving
last year and this year will be paying £200 to £300 per month just in interest.
Why is this important?
It has been about 5 years now since course fees rose to £9000 and so Students who are leaving university now with degrees have debts of around £40,000 ( £50,000 plus if they've done a 4-year course such as an Integrated Masters degree which are especially common in science) Students will barely be paying off the interest when they work as this will be £200 to £300 per month. Presumably their debt will grow further if they are unable to pay back even the interest because they are in low-paid jobs.
