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Closed petition Make Student Finance repayments tax deductible
A tax deduction for Student Finance repayments would ease graduates' financial burden. High-interest rates and long repayment periods make it harder than ever to live. Deducting repayments from taxable income would reduce yearly amounts owed, providing immediate relief and simplifying repayment.
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For example, a recent graduate earns £30k annually with a student loan balance of £50k at 5.4% interest rate. Presently, they must pay £243 p.a. (9% of income over £27,295). If student finance repayments were tax-deductible, they could deduct £243 from their taxable income, saving approximately £49 per year (20% basic tax rate).
Over 30 years, they would save around £1,500, which they could use for living expenses or savings, or to reduce their overall student loan balance.
This petition is closed All petitions run for 6 months