Closed petition Review and reform tuition fees and student loan interest and repayments
Review and reform tuition fees and student loans. This should result in reduced tuition fees and interest rates on student loans but most importantly capping the overall repayment amount on student loans to 1.2 times the original loan as recommended by the Review of Post-18 Education and Funding.
At present most universities charge £9,250 a year in tuition fees, in addition to a maintenance loan of up to £11,672. Interest is charged at RPI + 3% (currently 5.4%) while studying, a rate which is also applied if earnings exceed a threshold after graduation. Many students are likely to leave university with a debt of around £60,000, which is a huge burden for our young generation to take on. A debt of £60,000 could triple over the course of thirty years depending on interest rates.
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