"Labour MPs have hit out at Britain's regressive student loan system as pressure mounts on Sir Keir Starmer to reform the system, which has left scores of graduates with sky-high debts. The Plan B student loan system has been hotly debated in recent months, amid an outcry from young people accruing spiralling debt from financial agreements they deem to be unfair."
"The chancellor has been characterised as a loan shark by campaigners, after she announced a freeze on the repayment threshold for three years, leading to some people having to pay a lot more back than they originally borrowed on the high-interest loans."
Britain's student loan system faces mounting criticism from Labour MPs and young people struggling with escalating debt. The Plan 2 system has become controversial due to its high-interest rates and a three-year freeze on repayment thresholds announced by the chancellor, requiring some graduates to repay significantly more than they originally borrowed. Education minister Bridget Phillipson acknowledged the need to examine Plan 2 loans but stopped short of committing to systemic changes. Campaigners have characterized the chancellor as a loan shark, and pressure continues on Sir Keir Starmer to implement reforms addressing widespread concerns about affordability and fairness.
Read at www.independent.co.uk
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