Petition Against Privatised Student Loans
In 2010 Save the Student ran this large scale petition against the increase in tuition fees to £9,000 in the UK which managed to attract the attention of Labour leader Ed Miliband amongst others.
Despite widespread protests, they went through. Less than a year after the higher tuition fees came into effect, there are now new plans which have been confirmed by Danny Alexander this week that the UK government is looking to sell off student debt to the private sector by 2020.
Politically this is quite handy because it reduces public debt, and for the commercially-minded private organisations there is a rare opportunity to transfer vast amounts of public money into private pockets and reap the long term ‘rewards' if interest rates are increased on student loans, as many predict will happen.
The major concern is that repayment conditions could be changed at any point, leaving the door open to increasing interest rates on existing student loans too, an idea on which there will inevitably be much pressure applied after privatisation.
For the sake of protecting the rights of (once free, no longer) education for future generations, we petition and strongly request that the UK government abandon plans to privatise student loans.