Student Loans Sneak Increase

29th February 2012

A Swansea Socialist Student reports:

Prospective students applying for a university place in 2012/13 will face a new student loan interest rate of inflation plus 3%.

This is in effect another loan increase that has flown in under the radar and means we might soon see rates of 8%. Students will be in the position where their loan grows faster than they can pay it back.

I wondered how Ed Lester, head of the Student Loans Company, could sleep at night but when it emerged he had stolen £40,000 in avoided tax I get the impression that this is business as usual.

There was no apology. The government is only "embarrassed" that it got caught, pointing out that unlike tax evasion, tax avoidance is technically legal.

They claim that if Lester had paid tax, his wage bill had been increased accordingly!

Clearly protecting their bloated salaries is more important than the £120 billion in evaded and avoided tax that could instead be used to fund free education, jobs and services.
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