Closed petition Freeze student loan payments and interest accrual for Covid-19

Closed on 1 October 2020

In response to the Covid-19 pandemic and the resulting financial strain placed on workers and their jobs, I would like all student loans to be frozen, including the interest accrued until a point they know jobs are secure and finances more stable. Interest rate dropped in line with the base rate.

There is a huge risk to jobs and the economy in this time. An earner on repayment plan 1 currently pays 15% over the wage threshold, with an interest rate of 1.75%. During these financially uncertain times, that is a significant portion of a salary that could be used to save and protect graduates in case they should find themselves without or job or in financial difficulty, and so become less of a strain on the economy. The interest rate also does not match the base rate.