This Graduate’s Open Letter About Student Loans Is Both Perfect And Terrifying
A 22-year-old University of Nottingham graduate has penned an open letter to his local MP called ‘STUDENT LOAN DEBACLE’. In it he slams interest rates and claims students have been misled and mis-sold their loans.
“I was still in the Sixth Form at school, when I agreed to the student loan. I had no experience of loans, credit cards or mortgages” he writes.
Simon Crowther, the author of the letter, calculated that to pay off his loan and the interest it is gaining, he would need to earn £41,000.
“Unless I earn that much, my student loan will increase due to the interest.”
He attached a photo of his student loan statement which shows the level of interest being applied to his ever-increasing loan.
“we feel we have been cheated by a government who encouraged many of us to undertake higher education, despite trebling the cost of attending university.
The current interest rate is now around 3.9%. We were told our loans were around 0.5% interest.”
He wrote the letter to Vernon Coaker, a local MP for Nottinghamshire: “Mr Coaker, I am putting this to you, in the hope you will be able to bring some pressure to bear on the outrageous situation this government has now left me and my generation in, after the hike in interest on our already large student loans and without our prior knowledge. This is not the way to keep our future leaders’ trust……..or votes.”
His post has had over 10,000 likes and 6,000 shares so far.
Read his full open letter, which he posted to facebook, below.