Reduce or scrap the 6.1% interest on tuition fee loans
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PLEASE SIGN THIS PETITION IF YOU HAVE CHILDREN, ARE A STUDENT YOURSELF, OR CAN SEE THAT THE CURRENT INTEREST RATE APPLIED TO UNIVERSITY FEES IS ABOMINABLE AND SHOULD BE REDUCED FOR THE GOOD OF FUTURE GENERATIONS AND THE UNITED KINGDOM.
After recently applying for Student Finance to study medicine at university I not only became harrowed by the prospect of having to pay back such massive loans (over £45,000 for my degree), but that there would be a 6.1% interest applied also, and this was the thing that shocked me most. University is expensive for everyone - parents and students, but to be lumped with such a large debt that is ever increasing from the moment you leave the university grounds is shameful.
After I graduate, I will have £45,000 in tuition fees to pay back, plus whatever extra debt that I've managed to amount whilst at university, and a job paying £21,000p/a (a luxury many will not have due to my vocational course). This in itself is shocking, but luckily for us, you don't have to pay back uni fees until your salary is over £25,000p/a...oh wait...in the background they are steadily increasing without us putting a dent into them all due to the shockingly high interest. In theory, with current NHS doctor's pay, after three years in the service, my salary will surpass £25,000, and I can start paying back my loans of £45,000 that in the time I have not been paying them will have increased to £53,747 - an even less manageable sum.
This is NOT a petition to reduce university tuition fees (although I think we'd all agree that would be nice).
It is a petition to reduce (by a significant amount) or completely get rid of the 6.1% interest applied to tuition fee loans. This is because university is already a significant investment, and if the debt is allowed to creep up whilst one is unable to pay it back, university becomes a less appealing option for future generations, lessening their opportunities, limiting university to those only with a strong financial security, and leaving the UK with a deficit of skilled workers.
If you'd like some evidence behind this theory, please have a read of: http://www.if.org.uk/wp-content/uploads/2017/01/Packhorse-Generation-Report_Final.pdf
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