This petition was submitted during the 2017-2019 parliament
Rejected petition Reduce the Interest Rate on Student loans
Due to soaring tuition fees, average graduate debt is £44,000
Also incurring a punitive rate of interest , 6.1%from September 2017 which is 24 times the Bank Base rate and double what their elders pay for unsecured bank loans
The government must retrospectively reduce interest rate
More details
Only 2 years of graduates have left University since the introduction of the new fee structure. The SLC has a monopoly and graduates have no choice but use them.
From September 2017, the interest added each month to the average loan will be £223 and as most starting graduates earn £25000 they only pay back £30 per month (9% of income over £21000) so the debt grows each month by £193 !
Students will vote to change this system, as more graduate,they will become a powerful voice demand action.
This petition was rejected
Why was this petition rejected?
It’s not clear what the petition is asking the UK Government or Parliament to do.
We're not sure what you would like the interest rate on student loans to be.
You may wish to sign this petition instead:
https://petition.parliament.uk/petitions/201652
Alternatively, you could start a new petition explaining clearly what you would like the Government or Parliament to do.
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