Student Loan Changes

Millions of people across the UK have been mis-sold loans, but the perpetrator isn't a high street bank or a payday lender - it's our own Government!

Working with Martin Lewis of Money Saving Expert, I've been campaigning against a little known change in last year's Autumn statement that will see millions of existing students and graduates pay thousands of pounds more on their student loans because of a broken promise by our government. They've changed the repayment conditions on students loans RETROSPECTIVELY, which will see many graduates paying hundreds of pounds more each year from next year.

If a commercial lender had behaved the same, they'd be subject to an investigation by the Financial Conduct Authority, but our government is getting away with it!

Today I proposed changes to the law to stop ministers changing student loan repayment conditions retrospectively and to ask the Financial Conduct Authority to regulate student loans.

You can see my speech to Parliament here: http://parliamentlive.tv/event/index/792504dd-44a4-4402-b3ac-0590112cd3d8?in=18:15:04&out=18:29:00

You can also read my piece for the Telegraph here: http://www.telegraph.co.uk/news/2016/11/21/philip-hammond-can-save-students-from-scandalously-mis-sold-loan/

We lost the vote in the Commons, but I will be pushing these amendments to colleagues in the House of Lords.

 

Do you like this post?

The Labour Party will place cookies on your computer to help us make this website better.

Please read this to review the updates about which cookies we use and what information we collect on our site.

To find out more about these cookies, see our privacy notice. Use of this site confirms your acceptance of these cookies.