"Growing anger over the plight of millions of graduates saddled with ballooning student loan debts is threatening to develop into a fresh crisis for the government, with Martin Lewis leading the demands for an urgent rethink. The MoneySavingExpert founder has been critical of the chancellor, Rachel Reeves, over a change to repayment thresholds affecting 5.8 million people who took out a student loan between 2012 and 2023."
"It's overwhelming to realise that, even though I'm paying every month, it doesn't make a difference to what I owe. It takes away all hope that you'll ever be able to pay it off, she says. This is going to be with me for 30 years I'll never be able to get rid of it, no matter how much I pay towards it. Friends from wealthier backgrounds, she says, didn't have to pay as much back, often because their parents subsidised them."
Growing anger over ballooning student loan debts has intensified, with Martin Lewis leading calls for an urgent rethink and criticizing chancellor Rachel Reeves over repayment threshold changes affecting 5.8 million borrowers who took loans between 2012 and 2023. Hundreds of affected graduates have shared personal accounts of mounting balances. Amy Cayzer, 24, graduated in 2023 with a first-class degree and saw her debt rise from £73,814 to £93,793 due to interest rates as high as 8%, and faces balances exceeding £100,000. Monthly payments often fail to reduce principal, creating multi-decade debt burdens and perpetuating socioeconomic inequality.
Read at www.theguardian.com
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