Remove rip-off compound interest from student loans

Closed 1,614 signatures

What the petition asks

Student loans charge a huge 6.1% interest, even during study. Worse, the 6.1% is compounded monthly, meaning interest is added to the loans every month, making loans bigger, so the next month the interest costs even more; the loans get bigger and interest costs increase every month. It is a rip-off.

Even though the base rate is only 0.25%, students are exploited by horrendous 6.1% interest, compounded monthly, being charged on their loans – this can double or treble the size of the loans and massively increase interest costs, too. Most ‘normal’ loans do not do this. It is exploitative. No wonder student loans get bigger even while borrowers are paying off their loans. Sign the petition to remove interest from student loans. More info. here: https://www.afairdealforstudents.com/

Timeline

10 Oct 2017	Petition opened for signatures
10 Apr 2018	Closed to new signatures

Key facts

Signatures 1,614

Status Closed

Opened 10 Oct 2017

Closed 10 Apr 2018

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