Student Loans scam

anandp

Has anyone else seen this petition on the No.10 website?

http://petitions.pm.gov.uk/Student-loans/

It seems as if students who took a loan out are getting a raw deal as it emerges that salary deductions from wages are not immediately paid to the Student Loan Company but only on an annual basis, as a lump sum payment.

This obviously means that interest continues to accrue on the full outstanding balance.

Crazy right?

ems2

if this is true thats outrageous! :eek: I take it the interest in the account it it sitting in is not credited interest at the same rate as deducted

anandp

Having read more on this topic, I now know that this petition is actually based on misconceptions.

In this article, http://national-student.co.uk/national_news/pointless_petition.htm, it explains that although the lump sum payment is made at the end, records are kept to ascertain when the 'actual' payment was taken from salary, and these payments are then related back to the month they were taken in.

All interest calculations take the date of payment (i.e. the time it was taken from salary) into account so it is not unfair.

AP

tom188

Typically ill informed petition. There are several other threads from people who have taken it at face value and resulting explanations if you feel like a search.

PabloNeruda

Oh great. Another completely pointless 'Number 10' petition.:rolleyes:

Voyager2002

PabloNeruda wrote: »

Oh great. Another completely pointless 'Number 10' petition.:rolleyes:

Agreed. This kind of nonsense makes one despair of democracy. Earlier examples of this kind of thing (like the fuss about road-pricing) made me blame the lack of education in this country, but presumably every signatory to this petition has been to some kind of "university". In the old days, anyone with a couple of 'O' levels would have understood that this was a non-issue.

Come back, Sir Oswald, your country needs you!

linzibean

Voyager2002 wrote: »

Agreed. This kind of nonsense makes one despair of democracy. Earlier examples of this kind of thing (like the fuss about road-pricing) made me blame the lack of education in this country, but presumably every signatory to this petition has been to some kind of "university". In the old days, anyone with a couple of 'O' levels would have understood that this was a non-issue.

Come back, Sir Oswald, your country needs you!

probably media studies students :rolleyes:

If people had read through the information suplpied about repayments of their student loan thoroughly when they got it, and not just skimmed it (be honest now!) they would have a better, and less reactionary, understanding.

ajaxgeezer

Voyager2002 wrote: »

Come back, Sir Oswald, your country needs you!

.... ummm.. maybe not quite THIS far, eh?