Changes To Loan Scheme Announced By Shipley
“From 2001 we will introduce two changes to the scheme.
The first is a 25 per cent discount on the real interest
rate charged while students are borrowing. This will be
limited to low income earners, but should apply to the
majority of students.
The second is to prioritise the use
of student loan repayments. Money will be applied to the
effect of inflation first. Once that commitment is paid, 50
per cent of the remainder will be used to pay the loan.
If the interest bill is more than the other half, the
Government will pay the balance.
These changes will make
a dramatic improvement to the student loans scheme and help
alleviate the debt burden of
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