Socialist Worker

Student loan selloff begins

Issue No. 2381

The government sold a chunk of student loans for less than 20 percent of its value to consortium Erudio Student Loans on Monday of this week.

The consortium brings together global agribusiness multinational Cargill and one of Britain’s largest debt companies Arrow Global.

Erudio bought nearly £900 million worth of debt for around 250,000 borrowers who took loans between 1990 and 1998.

The government claims the terms and conditions of the loans sold won’t change but a leaked report revealed the cap on interest repayments could be increased or removed all together.

Students protested across Britain against the sell-off last week. 

Students at Birmingham university went into occupation. 

A further week of action is planned in February.

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