Category: National Issues
The student loan interest rate, which claimed to be a fixed rate, has been increaed mid-way through our degree leaving us no choice but to incur a hefty interest rate or drop out of uni altogether. The interest rate now stands at 6.1% for a student loan, versus 2.9% for a private bank loan which means students are being charged over the odds for the loans we are taking out, and had this issue been raised erlier we would have realised it would be cheaper to source funding ourselves for our education. The government has failed us entirely by letting us be taken advantage of by the money-making student loans company and considerably misled students by advertising them as a safe and reliable way to fund university studies. With the Guardian reporting that the poorest students graduate with £57,000 worth of debt there seems no better time to tackle one of the major contributing factors to this.
I believe our Undergraduate and Postgraduate academic officers should lobby NUS to:
· Put pressure on the government to ensure that Student Finance are not exploiting students by ensuring that the interest rate are never higher than any private bank.
· Provide campaign resources to Students’ Unions regarding this issue.
· To lobby Student Finance directly to commit to not exploiting students with interest rates never higher than any private bank.
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