Margaret Greenwood MP highlights cost of student loans

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22 Nov 2017
Margaret Greenwood MP intervened in a debate at Westminster to raise the case of a local paramedic who paid off over £1,000 of his student loan in 2016-17, but was charged over £800 in interest by the Student Loans Company in the same year.

The debate was called by Labour in response to the sacking of the Student Loans Company’s Chief executive and the problem of debt overpayments which has left many students still being charged substantial amounts each month even after they have paid off their student loan.

Margaret Greenwood MP commented:

“Last Friday a paramedic came to see me at my surgery to raise the issue of the unfairness of the Student Loans Company interest rates.

“He has trained to do a really important job: saving lives in our emergency services. He finished his training with over £28,000 of debt.

“He told me that he had paid off over £1,000 during 2016-17, but the Student Loans Company charged him nearly £900 during the same period in interest. It’s difficult to see how he is ever going to be able to pay this off.

“Paramedics spend their time saving lives and supporting people in emergency situations. It is just wrong that they should be treated like this.

“There was nothing in the Budget on the issue of student loans apart from a promise to tackle student debt overpayments.

“Young people should not be left repaying large debts on this scale.

“A Labour government would abolish university tuition fees altogether. Education is valuable in itself and we need a skilled workforce for the future.”