The government should bring forward the proposed change to link student loan inflation to CPI, rather than RPI, inflation from 2030 to as soon as possible. Further to this, the up to 3% added on top of this should be abolished/reduced. Student loan inflation is crippling graduates.
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The inflation rate on student loans is too high as it includes house price inflation, which does not correspond to yearly salary rises, and an arbitrary up to 3% on top.
Many recent graduates have over £50k of student loan debt and are struggling to cover monthly interest payments. This can be financially and psychologically crippling, made worse by the pandemic.
The government has recognised the need to use CPI inflation by 2030, however there is no reason to delay this change on student loans.