Cap interest on all student loans to CPI
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Currently, interest rates on student loans are linked to the Retail Price Index (or RPI+3% for higher earners).
It is not fair for student loans to remain linked to RPI and should be capped at CPI given that;
1) annual increases in salary and pensions are generally linked to the Consumer Price Index rather than RPI,
2) MPs have issued a report stating that the RPI is flawed and should be abandoned. The Department for Education agrees that RPI is a flawed measure, but that RPI is more consistent and we should wait for the full review of student loans currently underway to report in early 2019.
We urge the Department for Education to stop the mistreatment of those with student loans NOW, given that in Autumn interest on student loans is set to reach 6.3%.
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