To the Chancellor of the Exchequer
The student finance system in England and Wales is broken.
Graduates are paying back far more than they borrowed. Many will never clear the debt. Current students face up to forty years of repayments. The terms have been changed repeatedly without graduates' consent.
This is not the deal students signed up to, and it is not in the country's interest either. The system is a brake on ambition, making it harder for graduates to get on in life, start a business, get on the housing ladder or start a family.
We call on the government to commit to reforming the system, for fair fees and a fair future.
Prosper UK is launching Fair Fees, our campaign to reform the student finance system and make it fairer for graduates, students and the next generation.
A whole generation of young people did what they were told was right. They studied hard, gained their degrees and entered the workforce.
Now too many are being punished with charges far beyond the amounts they originally borrowed.
Student finance was sold as a loan. But for many graduates, it now operates much more like a tax on aspiration. Every month, repayments come out through PAYE. Yet for too many people, the balance barely moves, or keeps going up, because interest is added faster than they can pay it down.
That is not a fair deal.
Current students on Plan 5 now face up to forty years of repayments. That means deductions from pay packets for much of their working life, just when they are trying to save for a home, start a family, build a career or start a business.
This campaign is not about writing off all student debt. It is about recognising that the current system is confusing, unfair and no longer working properly.
Britain needs a fairer, clearer settlement between graduates, students, taxpayers and government.
We are asking you to add your name to our petition to the Chancellor.
If you think the student finance system needs reform, add your name for Fair Fees and a fair future.
Petition