Make the student loan system fairer for young people — 12 signatures. Status: rejected.
Reverse the upcoming Plan 2 repayment threshold freeze, and restore it to the level it would be if it had risen each year with earnings growth as promised. Set student loan interest rates at CPI inflation, and reduce the repayment rate from 9% to 5%.
Successive governments have made retrospective changes to the Plan 2 loan terms. Repeated threshold freezes alongside high interest rates for Plan 2 loans mean many will pay back far more than they borrowed. These proposed changes will remove the unfair above-inflation interest as well as helping to address the high marginal tax rates which are disincentivising young people. The changes will also give young people more ability to invest into the economy and their futures.
View this petition on the official UK Parliament website