I was rather shocked when I heard of the government plans to charge a fine on student loads paid before a 30 year period has ended.
Surely this would have had to be part of my contract with the Student Loans Company to be effective?
Even if it did not effect me, but future generations (with higher student debts) then it’s still sickening. To date I believe I have paid off £880 of my debt. It now stands at over £19,500. This will take me the best part of two decades to pay off – unless I occasionally choose to volunteer an extra payment or two.
I was always sensible at uni. I worked when I could, spent my spare time doing work experience and guaranteed myself a job before I graduated. I got myself out of my overdraft and left myself with just the loan to pay off. A noticeable proportion of what I earn now is deducted toward this (plus tax, but that effects all of us so I deal with it!). Why should I have to pay a fine as well as the interest?
What shocks me is that this hasn’t properly warranted headlines until the news that it’s probably not going to take effect (phew) and it’s due to the Conservatives deciding that this plan (attributed to the Lib Dems) is unnecessary.
Seems a bit like pro-Tory spin to me…
What do you make of the news?