An interesting lack of interest

Good news for those of us (most of us!) ratcheting up student loan debts.  From September this year, students will pay no interest on their loans.  Woo!

How long that will last, I don’t know, but it’s good news for now.

photo by jfg

Okay, some of you might know that the current scheme would have meant an interest rate of minus 0.4% (meaning we’d have money paid off the debt each month for free), but the likelihood of that happening was almost non-existent.

So we’ve got the next best thing.  I’m sure most of us will be fine with that.  Shame we’ve got such huge loans to pay off, but at least they won’t attract interest for a while.

Small beans, but I’m not going to knock it.

One comment

  1. Actually there’s a petition to the PM because anyone who took out a loan pre-1998 does have the negative interest rate. It might be only a few quid a year we get back, but that’s a few fewer quid that we have to pay back. And I’m all up for having extra beer money when I’m earning over my £15k!

    http://petitions.number10.gov.uk/Loansofstudents/

    Almost 14,000 people have already signed the petition, that’s little more than the total number of undergrads at any ONE of the top 6 universities, more people need to sign before anything will happen.

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