Closed petition Remove rip-off compound interest from student loans

Closed on 10 April 2018

Student loans charge a huge 6.1% interest, even during study. Worse, the 6.1% is compounded monthly, meaning interest is added to the loans every month, making loans bigger, so the next month the interest costs even more; the loans get bigger and interest costs increase every month. It is a rip-off.

Even though the base rate is only 0.25%, students are exploited by horrendous 6.1% interest, compounded monthly, being charged on their loans – this can double or treble the size of the loans and massively increase interest costs, too. Most ‘normal’ loans do not do this. It is exploitative. No wonder student loans get bigger even while borrowers are paying off their loans. Sign the petition to remove interest from student loans. More info. here: https://www.afairdealforstudents.com/

1,614 signatures

1,614 of 10,000 signatures required to get a government response

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10 April 2018

Petition closed
19 October 2017
Related activity
MPs investigate student loans
A cross-party group of MPs called the Treasury Committee are investigating student loans.

They are looking at recent changes to the student loan system including:

• the repayment threshold • interest rates • tuition fees • university finances

On Wednesday 18 October at 2.45pm they asked academics about:

• the impact of student loans on public finances and students • whether fees mean that there is a 'market' for higher education

You can watch the session here:
http://www.parliamentlive.tv/Event/Index/2f85d27f-54ba-4ac0-9890-8c8e8dd3fee9

You can find out more on the Treasury Committee's webpage:
http://www.parliament.uk/business/committees/committees-a-z/commons-select/treasury-committee/inquiries1/parliament-2017/student-loans-17-19/

You can follow the Treasury Committee on Twitter for updates: @CommonsTreasury

What is the Treasury Committee?

The Treasury Committee looks at and questions how the Treasury:

• is run • spends money • decides on its policies

It's a cross-party committee of MPs and is independent of the Government.

You can find out more about Treasury Committee on its website: http://www.parliament.uk/business/committees/committees-a-z/commons-select/treasury-committee/

This is a ‘select committee’. Find out how Select Committees work:
https://www.youtube.com/watch?v=o_2RDuDs44c
10 October 2017

Petition published

This petition can now be signed.

If this petition gets 10,000 signatures, government will respond to it.

If this petition gets 100,000 signatures, it will be considered for debate in Parliament.

This petition will stay open until 10 April 2018.

Closed petition Remove rip-off compound interest from student loans

Petition progress

Petition closed

Related activity

Petition published

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