Government – Don’t sell my loan

One of the best things in the world is a student loan. It comes in 3 times a year, paying me and my university and means that thousands of students who wouldn’t be able to without it, are able to go to University. Better still, it’s a low interest loan that I don’t pay back until I’m earning £15k (I’m one of the lucky £3.5k lot!) so I don’t have to worry about it.

The thought of the £30k I’m going to owe at the end of my degree does occasionally cross my mind. But then I remember how low the interest is, and how it won’t really affect me at all, other than taking a few pounds from my wages each month.

But whoa whoa whoa, not for much longer, if the Government have their way! In order to make some money, the Government have announced plans to sell off our debt to private companies.

What does this mean? It means that that low interest rate? Probably won’t be low anymore. These private companies will have the right to retrospectively (meaning that loan of mine? Not so good any longer!) hike up the interest rate, with the government looking to increase or remove the cap.

This my readers, is what I call some sort of sick joke.

This Government has already made things hard for students. With the scrapping of EMA, something that enabled many students to attend further education institutions, the removal of the tuition fee cap to £9k and now this – I’m concerned what they’re trying to achieve. It seems to me, they don’t want students to be attending University at all.

For a better society, I believe access to education is key. I believe education is a right, not a privilege, that is something this government fails to grasp. These policies encourage elitism, where only the richer people in societies can afford to, or feel able to attend universities. Not on my watch.

So on Wednesday 20th November, myself, along with loads of students nationwide will be protesting about this. If you’re a student in Liverpool, please come along to University Square at 12pm and join the Facebook event here.

#Dontsellmyloan

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2 responses to “Government – Don’t sell my loan

  1. Come on Hannah, this is misinformation at its finest and you know it. “Borrowers will remain protected and there will be no change to their terms and conditions, including the calculation of interest rates for loans.” …”helping to reduce public sector net debt by £160m” source: BBC

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    • “A confidential report commissioned by the government has proposed redrawing the terms of student loans taken out over the past 15 years, that would make them more expensive to pay back for 3.6 million borrowers in England alone.”
      Source: Guardian http://www.theguardian.com/money/2013/jun/13/raise-interest-rate-student-loans-secret-report

      Note this was written before the first bunch of sales actually happened, and also a draft version of the completed version which appeared on the Huffington Post, with sources.

      Even so it’s a legitimate statement to make, if we look at how privatisation has affected other industries that have been privatised in the past. Just five days ago, rail companies hiked their prices up for again. Energy companies continue to rise their prices every single year. I dread to think how much stamps are going to cost now…

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