Make interest on student loan repayments tax deductible.

Closed 65 signatures

What the petition asks

Currently, the interest we pay on student loans is not tax deductible. Every year, 6.1% interest is charged on our student loan balance. Assuming we finish university £40,000 in debt, we have £2,440 a year of interest payments to make before we are even able to reduce our principal balance.

Under the current system, you would have to earn about £52,111 just to be able to pay every year the interest on your balance (assuming you have £40,000 debt). The government then charges you 40% tax on your interest payment, costing you £976 a year. Assuming you earn £52,111; you are paying the government £3,416 (976+2440) a year for borrowing their money (without decreasing your balance). Corporation have tax-deduction on their interest payments, so should students.

Timeline

18 Apr 2018	Petition opened for signatures
18 Oct 2018	Closed to new signatures

Key facts

Signatures 65

Status Closed

Opened 18 Apr 2018

Closed 18 Oct 2018

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