Petition Replace RPI with CPI in the calculation of interest added to student loans
In 2011 all public sector pension annual calculations changed from using RPI to CPI to calculate public service pension annual increases. We believe if the Government uses CPI for public service pensions, it should consistently use it and apply it to student loans.
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This could reduce the speed at which debt increases. We believe young people should not be saddled with large debts if we want to see young people go to university to get better qualifications and better jobs, and to assist students from low-income families to escape poverty. We are concerned loan debts could hold them back financially in the property market and cause children of low-income families to borrow more and have larger debts. Changing RPI to CPI, backdated to 2011, could help reduce the accrued debt from interest additions.
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