Financial campaigner Martin Lewis today blasted the Student Loans Company’s new website, dubbing it “demoralising, damaging and dangerous”.
The SLC moved its site from SLC.co.uk to Gov.uk and features tools to show students how much they owe.
However Lewis argued the tools encourage students to pay off their debts faster, even though there is no financial benefit to doing so. Annual repayments are set at 9% of anything a former student earns over a certain threshold, which is currently £26,575 per year.
Lewis, the founder of financial planning site Moneysavingexpert.com and the former head of the independent taskforce on student finance information, said: “The first thing university leavers see when they log in, in a large font, is the amount of ‘debt they owe’. This is demoralising, damaging and dangerous….