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 dawny 9 months ago
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OK! Have just got home and recieved my annual statement from the Student Loan Company. I had heard about this but had not really appreciated it until i had achance to sit down and think about it.
The interest rate has DOUBLED from2.4% to 4.8%.
This is completely unjustified. I understand that the interest rate would go up with inflation but there is no way this is inflation! How can the government justify this. I resent the government making a profit from money I have no choice but to borrow from them!!!!
At this rate i may as well get a bankloan and pay their interest rates!
And if the government gets away with this, whats stopping them upping it again! |
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miniminogue 9 months ago
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 the mad cat lady from The SimpsonsPosts: 140 Member rating: 7
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I got my annual statement last mth and my mthly interest had gone up from £8.35 in august 06 to £17.82 in august 07...how much more is it going to go up!!! |
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Elle Gray, UPSU Sabbatical Officer: President 9 months ago
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 Peace xPosts: 53 Member rating: 6
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I was at Uni for 5 years so my loan is £21,500, and now with the interest rate doubled the interest is adding OVER £1000 A YEAR! live the change you wish to see |
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dawny 9 months ago
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Is there nothing we can do about it!!
It just seems awful that this is our money that they are taking and we have no say in the matter!! |
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skribla 9 months ago
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 Posts: 75 Member rating: 0 |
And to make matters worse, when you come to pay it off, the gov't take £x off you per week, but then save all that money and pay it off at the end of the tax year.
Two things wrong with this:
1) you forego the interest you would have earnt had it been in a bank and then just paid it all off at the end of the tax year.
2) The gov't still continues to charge you interest on the outstanding balance of your loan, even though the money has gone to the gov't and is waiting to be removed from your balance at the end of the year.
No wonder so many people I know have decided to opt out of uni. We think we're saving money buying a drink for say £2, but after we pay the interest etc back it is estimated that the true cost of the drink is actually £6, almost double what you'd pay in london! |
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miniminogue 9 months ago
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the mad cat lady from The SimpsonsPosts: 140 Member rating: 7
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Luckily ive managed to keep myself out of as much debt as poss by not using an overdraft or credit cards since being at uni..its been hard, especially as i live on my own now, but id rather watch every penny than be in ridiculous amounts of debt when i leave. ive worked for the 3 yrs ive been here and hardly ever go out just to keep my head above water.
the government keep going on about how important education is but theyre making it increasingly difficult for people to better themselves. i really wanted to do a masters but cant afford the fees and theres no help available!
we should start up a petition to get them to rethink their interest rates!!!! |
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dawny 9 months ago
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I am in the same situation. I have worked my whole time at uni, to be fair i have two jobs at the moment. I try my hardest to stay out of the over draft and have no credit cards at all.
And thats fair enough becuase that is our situation now, while we are students and not working. But to wack interest on something that is making our situation the way it is now.
I agree, they are making life as a student, and the possibility of us being a student harder than ever and its outrageous!!
There is a petition, it was going round on facebook. I have posted the whole message below. Try and get as many people as possible to sign it but still, its not really makng the noise there needs to be for this to change.
AFTER YOU ADD YOUR NAME YOU NEED TO CLICK A LINK FROM YOUR EMAIL TO CONFIRM IT!Petition to: Charge Student Loan interest at the CPI rate and not RPI.
http://petitions.pm.gov.uk/CPI-not-RPI/
Students pay interest on their student loans at the rate of inflation.
The peition only ran to November the 4th, but maybe if alot of people start payng attention it will get more publicity. |
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skribla 9 months ago
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Posts: 75 Member rating: 0 |
It'll get worse - a lecturer told us that in a couple of years the gov't are taking away the cap on how much uni's can charge, and it's likely to go higher than £3k, with Brighton already saying they are going to put there's up. |
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Ben Norman, UPSU Sabbatical Officer: Student Activities & Development 9 months ago
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 Like Gollum but with a bouncy walkPosts: 9 Member rating: 2
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Morning all,
You guys need to get involved in UPSU's Campaign for free education. Find the facebook group at:
http://www.facebook.com/group.php?gid=5559769731
The campaign is run by students, with Union support and demands that the education system is based on the abillity to learn, not the abillity to pay. We'll be lobbying University officials, protesting to the secretary of state for education, holding debates with the Vice-chancellor and holding joint campaigns with other students' unions... all with the aim of leveling the playing field.
Join the facebook group, come to the meetings, or send me an e-mail:
Ben.norman@port.ac.uk
Together we can make change |
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thegumqueen 9 months ago
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 enigmatic do-gooderPosts: 56 Member rating: 3
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And for those in the minority (not sure how many (or rather few) there are now) that are not on facebook, the campaign coalition for this fight for free education, meets each Wednesday at 5.30 in the Union, so please, get yourself down there, bring/send as many people along as you can, and together we will fight this!
We cannot do this alone - it needs you, the students, to make things happen. And just think, with every victory we have, you'll be able to say that you had a part in it!! |
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 adamsunman 9 months ago
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 Just 100% Adam and nothing else....Posts: 7 Member rating: 0
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And it's not just the interest rate. Gordon Brown wants to sell off the SLC (Student Loans Company, the one we all have loans with) to private investors. This has two severe outcomes that affect students. Firstly, and probably most importantly to current students, that all debt with the SLC is sold and therefore becomes a debt with private investors.
Moreover, the selling of the SLC would create a massive inequality in the Higher Education System. Universities like Oxford and Cambridge are openly admitting that they are looking to charge in the tens of thousands per annum to study at their prestigious Universities. Because private investment student loans would be income assessed, school/college leavers would be forced to choose their Uni not on merit, but on cost. This, as I'm sure you can see is unaceptable. -
What can be done to stop this I hear you cry, surley nothing a group of students says will affect the Prime Minister's descisions? - As every cynic knows, however, the government always bows to pressure as soon as 'critial mass' is acheived, the level of popular support for a cause that voices the opinnion of the electorate. If we can mobilise students, and network universities across the country, we could easily prevent this catastrophic 'bargain bonanza' for private investors happening and ensuring free and fair education for all.
The Campaign Coalition, as Aforementioned by Ben and Sarah, is striving to acheive this critical mass and ensure that the government understands the wishes of tomorrow's CEOs, Lawyers, Doctors, Dentists, Cleaners, Academics etc. We meet every Wednesday at 5.30 in the union, but maintain a high level of communication throughout the week to ensure we don't loose any momentum.
If you need any information on Campaign Coalition, seek Ben in the Sabbs office or e-mail me on adamsunman@googlemail.com
Message edited by: adamsunman at: 29/11/2007 14:23 |
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skribla 9 months ago
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Posts: 75 Member rating: 0 |
Adam, if you want anyone to take any notice of what you just posted you're going to have to use paragraphs! |
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adamsunman 9 months ago
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Just 100% Adam and nothing else....Posts: 7 Member rating: 0
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seconded and passed. thanks!!!  |
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livethinme 8 months ago
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Posts: 16 Member rating: 0 |
I dont understand why students use credit cards! lol..surely its just making the matter worse? |
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