As the class of 2020 has emerged into an uncertain world, the Student Loans Company has been quick to “exaggerate” the amount of debt students owe.
Consumer finance expert, Martin Lewis, has condemned the changes to SLC’s website as “irresponsible and dangerous”. Lewis claims the new “quick repayment” tool provides graduates with a “damaging, demoralising” picture of their debts. He says that the tool exaggerates the status of outstanding loans.
SLC has said its online repayment service has the most up to date student loan account information that has ever been made available.
This comes as the company’s website has been moved from the SLC site to gov.uk.
“Far from taking on board widespread concerns that student loan information is misleading and promotes financially poor decisions by graduates, the SLC has in some places doubled down on the opposite”, commented Lewis, the founder of MoneySavingExpert.com.
This rubs salt further into the wound for the cohort who missed out on a year’s worth of education between strike action and coronavirus, without any indication of financial retribution, nor seemingly any physical graduation for the foreseeable future.
Having to convert to online learning when coronavirus struck was simply became another issue the class of 2020 had to confront and take in their stride n order to finish their degree and graduate.
Furthermore, the class of 2020 has faced an unprecedented struggle to find employment and form their careers, stunted by Covid-19.
According to the House of Commons, unemployment for young people aged between 16 to 24 has increased by 73,000, a 14% increase, as of December 2020. The struggle of the younger generation to launch their careers after graduation could leave a lasting generational impact over the coming years.
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