Student loan repayment rates an 'unsustainable burden', chancellor told

Sincity Press Staff 1 hour ago 2 min read 1
Sincity Press Brief

More than 120 MPs and peers have asked John Healey to carry out an "urgent review" of repayments.

Laura Trott, shadiness acquisition caput for the Conservatives, and Munira Wilson, acquisition spokeswoman for the Liberal Democrats, are among MPs who person signed the letter.

Tom Gordon, Liberal Democrat MP for Harrogate and Knaresborough, besides signed the missive and told the BBC helium could not "see an extremity successful sight" to his ain Plan 2 pupil indebtedness repayments. Instead, helium said helium expected his indebtedness to beryllium written disconnected aft 30 years successful enactment with the repayment terms.

"If idiosyncratic earning an MP's wage inactive isn't apt to repay their pupil indebtedness successful full, what accidental does idiosyncratic connected a overmuch little income have?" Gordon asked, adding it was "an contented of fairness".

"Governments person changed the repayment presumption and accrued involvement rates aft radical had already signed up," helium said.

"No slope oregon owe lender could retrospectively rewrite the presumption of a indebtedness similar that. It simply wouldn't beryllium allowed. So wherefore should the authorities beryllium capable to bash it?"

Oliver Gardner, laminitis of Rethink Repayment, said the missive showed "the pupil loans crisis" was not "a partisan issue".

"We judge that present is the clip to make a strategy that is just and that unshackles millions of graduates from mountains of pupil indebtedness debt," helium said.

Responding to the Treasury prime committee's study past month, a authorities spokesperson said ministers were "already taking decisive action" and would "continue to look for ways to marque the strategy fairer for students, graduates and taxpayers successful a financially sustainable way".