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This petition is now closed, as its deadline has passed.
We the undersigned petition the Prime Minister to Change the current student loan interest repayment, to deduct payments monthly not annually. More details
Submitted by Juliette Frazer – Deadline to sign up by: 10 January 2008 – Signatures: 70,203
Petition update, 20 April 2007, while petition was still open
The e-petition asking the Prime Minister to "Change the current student loan interest repayment, to deduct payments monthly not annually" is ongoing. This is a response in advance of the closing date from the Government.The Government welcomes the opportunity this e-petition has given to clarify understandable confusion on this issue. In particular, we can re-assure the public that interest on student loans is indeed calculated daily and that great care is taken to ensure that no borrower pays too much in repayments.
The confusion arises from the fact that the Student Loan Company updates borrowers' accounts annually. This is largely because the exact details of individual repayments, collected by Her Majesty's Revenue and Customs from employers who deduct the money from the salaries of staff with loans, are only received when firms send in their annual tax returns after the end of each year. Once repayment information is collected, it is sent to the SLC who issue new individual statements showing repayments and the amount outstanding.
But while borrowers' accounts are only updated annually, the SLC is careful to ensure no borrower pays any additional interest as a result of this delay. The total annual repayment received from each borrower is credited to their account as twelve equal monthly payments in the year they were made, and the interest on the remaining balance is calculated on a daily basis each month to match. We can assure you that the Government does not gain any extra income nor does any borrower pay too much interest. It is also worth adding that the interest paid on student loans reflects inflation, and is not a commercial rate of interest like those charged for bank loans.
Further information
More on education - http://www.pm.gov.uk/output/Page8820.asp
Get all the latest news from No.10 by subscribing to our email service - http://www.pm.gov.uk/output/Page36.asp
Prime Minister's Office homepage - http://www.pm.gov.uk/
More details from petition creator
Currently student loan repayments are taken from your salery every month however they are not knocked off the balance of the loan until the end of the year. Therefore paying a full year of interest on the full balance which had gradually been paid off. This adds hundereds of pounds of unnecessary interest. The payment should be deducted monthly as it is paid.
Current signatories
Because there are so many signatories, only the most recent 500 are shown on this page.
- Graham Horbury
- Jake Conlon
- Tamzin Cloke
- amit kanabar
- Lucy Grogan
- nicola pearson
- Ben Gaulton
- Sarah McGoldrick
- Wendy Bonehill
- Rebecca Downie
- sharon kandola
- Natasha L Harper
- Rosemary Carver-Smith
- Jenny Hyde
- Mark Say
- Neil Raichura
- David Scott
- Nia Vaughan
- Liam Gallagher
- Martin Deane, Green Party
- Sarah Dawes
- Pamela Coughlan
- Minesh Tank
- Vishal Raval
- Rob Day
- Lauren Johnson
- Lucy Russell-Lebrett
- Glen Tugwell
- michael weaver
- john wilson
- michael Chard
- Bertan Budak
- Maria Da Costa Cabral
- Kirsty Nunn
- Rhian Gwyther
- Paul Riley
- Rachel Barratt
- Christopher Old
- Antony Fairclough
- Becky Green
- Jenni Leppanen
- Rupal Shah
- Neil McNab
- Emma Atkins
- julia
- Elizabeth Calvert
- DIVEN SHAH
- Adam Livingstone
- Graham Machin
- Christine Smith
- Andrew Lemin
- Sabina Iurascu
- Chloe Wilkins
- Hannah-Marie
- Emma Forrester
- Tania Brooks
- Katharine Wolinska
- Jennifer Shackleton
- sarah craig
- Sarah Cunliffe
- catherine crane
- Keith Childs
- Kevin Pepper
- jackie proctor
- Katie Watson
- David Ridley
- Laura Bufton
- Joshua Hughes
- Alex McCready
- Hollie Bradbury
- Yvette Hughes
- Alexandra Ross
- Ruth Smith
- Christopher Street
- Pamela Muir
- claire bowman
- kerrie manley
- Alison Darroch
- Mike Stokes
- Joanne Wood
- Lauren Hutchinson
- Gemma Lawrence
- Glenn Davies
- Rebecca Burns
- Stephen Tucker
- Carly Doyle
- Norman Jemison
- Matthew J Lyddon
- Rizwan Ladak
- Adrian Robinson
- Anna Clark
- Charmaine Bolton
- Christina Berry
- Alistair Harris
- Phillip Norville
- Jessica Dixon
- Abdul Basit
- Mohammed Ali
- Janet Cox
- rebecca smith
- John Perkin
- Diana Murray
- Andrew Hewlett
- David Gould
- yasin chopdat
- George Gooderson
- Danielle Kelly
- Rebecca Marie Jones
- Debra Chapman
- fiona murphy
- Tom Wallace
- Grace Bergman
- Nikki Morgan
- Abby Downhirst
- Helen Slaughter
- Richard Watts-Huston
- Umah Ganeshalingam
- thomasin anne lockwood
- Alexander Petryna
- Fleur Toocaram
- W B Chellam
- Rebecca Walters
- Faiza Sorongi
- Stephen Cook
- Iain Stephenson
- liam claydon
- katharine priddy
- Daniel Lake
- David Moore
- Alexandra Beadling
- Vincent Theobald
- Ben Sampson
- Tom Robinson
- Ruchi Chowdhry
- Paul Brack
- Tony.Fitzpatrick
- Asif Ramzan
- Shakib Latif
- Lisa Harding
- Parveen Akhtar
- Sara Adhami
- Wajiha Khan
- sinead abbott
- Mary Stovold
- Sabah Kassam
- Gareth Williams
- Hayley Cohen
- S WALLACE
- Carol Hopper
- David Hendy
- lucie harley
- Anne-Marie Pattenden
- C Basterfield
- Francesca Dineen
- David Chapman
- Charlotte Glaze
- Beth Foxall
- Sarah Long
- Lucy Benson
- gareth hussey
- Abi Aldridge
- Michael Boylan
- Lisa Wain
- Frances Lane
- Andrew Carney
- Helen Roythorne
- Laura Cohu
- Helen Cuthbert
- Adam Sheehan
- Benjamin Gosling
- Lee Hooley
- jeremy rosenberg
- Stuart Campbell
- bhavini ratan
- Katie Bell
- Mark V. Swain
- Gemma Lace
- Gareth morris
- Antony Hegarty
- Lindsey Anne McDowell
- Melanie Stevenson
- Lucy Callan
- C Preston
- Staci Williams
- lee giffard
- Antony Jones
- Tomas Doherty
- Thomas Booth
- julie roberts
- Simon Young
- James Bowness
- Adam Lennon
- Michael Scorer
- Virginia Freeman
- Oliver Slaughter
- Gemma Warrington
- Louise Whitaker
- Chris Lord
- Chris Walsh
- Nathaniel Freeman
- Janet Lawlor
- Kevin Lawlor
- Kimberley Willmot
- rob and mel
- joyce alliu
- temitope fayoyin
- Varoushnan Srilangarajah
- Amanda Minto
- rishi patel
- Ashley Murray
- Danielle Wilson
- Richard Jennings
- Richard Farr
- kate seaward
- Samuel Jennings
- deborah mitchell
- K Quigley
- Michael Manning
- esmail zghari
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- alison mastin
- Lee Edwardes
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- Stuart Aspin
- Daniele Massa
- Charles Oleka
- julitta afrifah
- Rachel Hornsby
- George Whalley
- Josephine A Asante
- Dale Weston
- Andrew Whittle
- Melissa Bediako
- T Suleman
- Katy Harris
- Antony Bastiani
- Claire Attwood
- jonathan clarkson
- Ashley Thorpe
- Daniel J Elliott
- Caspar Helmer
- Chris Dodds
- Wendy Sutherland
- Zephaniah
- Michael Geary
- Sukhjit Kaur Dhillon
- craig smith
- Aaron Signorelli
- Hannah Olagbegi
- Kathrin Friedrich
- Sam Marsh
- ivan sanchez
- danielle shelbourne
- Oscar Taylor
- Sarah Dawkins
- Helen Coates
- Philip Scrancher
- Karl Patterson
- Christopher Green
- Joseph Froggatt
- Lucy King
- Giles Houghton
- Pauline Beldon
- Elisa Jemmott
- Clare Hanna
- Amy Teo
- Nathan Sloper
- Adam Wren
- Charlotte Berry
- Ben Vertannes
- Lisa Chuter
- Rebecca Lovie
- Richard Lomax
- Mark Molloy
- Dennis Jackson
- Emily Lambourne
- Tom McLaren
- Narmatha Thambyrajah
- Julie Gower
- leanna prince
- ALEXANDRA KIEREK-BELL
- Norma Tregoning
- Gary Newey
- jane millard
- Christopher Sparks
- Barrington Headlam
- L Adams
- Wendy Pearsall
- Trevor Clarke
- Carol Detnon
- Jonathan Cunningham
- Simon Oakley
- Liam James Holmes
- frances redman
- Ashley
- Tracy Brennan
- Amy Skidmore
- ozgur Demir
- Rachael Stone
- Kirsty Cook
- A. Lancaster
- Maisie Hunt
- David Wainwright
- Tiffany Landale
- graham macintosh
- Erica Osazemwinde
- Paul Taylor
- James Scott
- alyson horwood
- joanne jovicic
- barry francis
- Abdurrahman Raja
- the one king
- Geoff Rehr
- Lucy Bromley
- Mary Dobson
- Pascale Labelle
- Ben Whitehouse
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- Liam Duffy
- Jack Richards
- Abu Sufian
- J Crawshaw
- m j neads
- Siorna McFarlane
- sam hassan
- I Andrews
- Roberta Levins
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- Richard Martin
- Emma Di Iorio
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- Paul Baker
- Debbie Gunner
- Nicholas Holland
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- Stuart Johnston
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- Poppy Taylor
- Carley Fain
- Kenneth Davies
- Joanne Barnes
- Philip Foster
- Charlotte Burgess
- debbie jones
- M Hughes
- kevin griffiths
- nicholas cash
- helen dunn
- Ian G Todd
- Nick Thomas-Peter
- Richard Fairbairn
- Kieron Lyons
- Paul Stafford
- Joanna McGreavy
- Hana Imaan
- Christine Little
- Gary Mannion
- Valerie Poppleton
- Cheryl Burgar
- trevor hemingway
- Miss J E Storey
- tazeem khalid
- Ben Abrams
- Ryan Twaits
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- Claire Millard
- Kerry Weir
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- Rhian Jones
- Claire R
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- Susan Way
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- Kenneth McHattie BEng (Hons) MSc MIET
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- Richard Wheeler
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- Miles Butler
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- Cynth Napper
- Nick Nicholaides
- Mick Clarke
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- jo pollock
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- Matthew Nelson
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- Iain Steers
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- petra jones
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- james davis
- Renuka Marley
- Jonathan Han
- Colin Willis
- Kim Hall
- Adrian Brown
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- PHIL BIRCH
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- Jack Connell
- Ivor Wallace
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- Rachel Baldwin
- Kit Runnels - Moss
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- sheraz majeed
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- Martin Gray
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- DAVID WYLIE
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- m cross
- sally shakespeare
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- Storm Combrinck
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- Gavin Fletcher
- ANDREW HOUGHTON
- Louise Katie Lewis
- Hannah Entwistle
- adrienne pyke
- susan fowkes
- Sonia Vitale
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- Katy Davis
- Tim Woods
- Nicholas Sexton
- Rebecca Harrison
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- Gareth Pahl
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Because there are so many signatories, only the most recent 500 are shown on this page.
