Fairer ways of working out student loans

Fairer ways of working out student loans

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Holly Anderson started this petition to SECRETARY OF STATE FOR EDUCATION

Going to university is well know for its financial struggles and debt. The way students’ maintenance loans for each individual person are worked out is uneducated and ineffective. I’m here to try and get the government to review and amend this legislation. 

Firstly, over the last decade, students’ course fees have tripled and now average around £9,000 per year for the course alone. This large increase has resulted in a lot of stress for all students.  

Onto the main topic, the way maintenance loans are worked out involves two factors. 1) A student’s parent’s income as well as 2) the family structure. If you live with a single parent, you get a MUCH higher loan than those of us who have two parents in a household. I personally believe this is such an invalid way to work things out. By all means, people living with single parents may need additional benefits, but to give these students a double and even tripled loan for that reason seems bizarre! Most of these students have a second parent living at another home who helps them financially, leaving students with a two-parent household struggling like mad with their smaller loan because their parents can’t afford to support them financially! Ever thought about other factors parents have to pay out for? Siblings? Mortgages? Rent? Taxes? Insurance? Additional commitments of these parents? Just because two parents live together doesn’t mean they have any extra money to give to us!

Furthermore, the parent income boundaries are too general. Everyones’ parents’ annual income has its own tier of how much student finance your child can get. WHY is it to do with parents’ income?! My parents make around £25,000 to £30,000 per year each. I understand some students’ parents receive a lot less annual income and these children may need additional benefits. However, whilst my parents income looks decent here, they don’t have any way of helping me financially due to them having their own bills and additional commitments to pay for too! I have spoke to so many other students in the same boat as well as people of all ages who agree that this principle and system is wrong.

Because I live in a two-parent household, I get £1,366 every three months. That isn’t even enough to cover rent, bills, food, travel, activities, medical prescriptions and mental health support etc! I am forced to get a part time job while studying FULL time - causing peoples’ mental health to deteriorate due to having no break from working, whether it be academically at uni or physically at a work place. What people often misunderstand is that students have to work all day everyday including weekends meaning little to no time to rest, then when you add a job into the mix it’s honestly unhealthy. People wonder why mental health and suicide rates are so high amongst those at universities!

It’s time for the government to step up and acknowledge this is the incorrect way to support the students of our country. So many of us are out here struggling financially to the point it’s making us ill.

Thanks for reading! 

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