Student Loan Protesters Stage Shark-Themed Demonstration at Parliament
In a vivid display of discontent, protesters gathered outside the Houses of Parliament on Wednesday, with many dressed as sharks and wearing masks depicting Chancellor Rachel Reeves. The demonstration, organized by the National Union of Students (NUS), aimed to voice strong opposition to recent changes in student loan repayment policies, which the union has characterized as predatory.
Policy Changes Spark Outrage Among Graduates
The controversy stems from the autumn budget announcement made by Chancellor Rachel Reeves in November. The policy, set to take effect in April 2027, freezes the salary threshold at which graduates on Plan 2 loans begin repaying their student debt at £29,385 for a three-year period. This freeze applies to individuals who started courses in England and Wales between September 2012 and July 2023, potentially increasing repayment burdens for many graduates.
During the protest, participants, referring to themselves as a "shiver of sharks," engaged in singing and posed for photographs while sharing the staggering amounts of their student debts with reporters. Their central message was a plea to the government: "Don't freeze our futures."
Personal Stories Highlight Financial Strain
Alex Stanley, the NUS vice-president for higher education, provided a personal account of the financial challenges faced by graduates. "I borrowed £50,000 to study politics at Exeter University, graduating in 2023," Stanley explained. "Due to the interest rates on the loan, my debt has already ballooned to £62,000. The issue is that we were only 17 or 18 when we signed these contracts, and the reassurances given when Plan 2 started no longer hold true."
NUS President Amira Campbell echoed these concerns, criticizing the current system. "The student loan system is freezing our future," Campbell stated. "How can graduates build professional lives when the chancellor acts like a loan shark, deducting hundreds from our paychecks monthly while interest accumulates rapidly? We struggled with rent and bills as students, often relying on parental support, and now as graduates, we live paycheck to paycheck, repaying thousands while our loans continue to grow."
Government Response and Broader Implications
In response to the protest, a government spokesperson acknowledged the concerns but defended the policy as a necessary measure. "We recognize the worries among borrowers," the spokesperson said. "The fiscal situation inherited by this government required tough choices. Threshold freezes are part of the hard but fair decisions needed to protect taxpayers and students, both now and for future generations. The student finance system is heavily subsidized by the government, and lower-earning graduates are always protected, with any outstanding loan and interest cancelled at the end of the repayment term."
The NUS is calling for a reversal of the threshold freeze and a reduction in interest rates, arguing that the current approach exacerbates financial hardships for graduates. This protest underscores ongoing tensions in higher education funding and the broader impact of economic policies on young professionals in England and Wales.
