Let's be clear. This will mean retrospective hike in tuition fees for all graduates and current students as private companies will raise interests rates to make a profit. It also sets the precedent that the debts of future students will be sold off to private companies too. We must fight to stop this MASSIVE attacks from happening. This needs to be number one priority for the whole student movement!
As NUS Black Students' Officer Aaron Kiely says:
Osborne’s announcement today that the government will sell off the student loan book represents a massive attack on millions of people.
As a secret report for the government has confirmed, the private debt collectors that will buy up our debts will seek to make as much profit as they can by raising interest rates. To put it bluntly, privatising student loans means a retrospective hike in tuition fees.
Students and graduates are not going to tolerate being burdened with even more debt without a fight. The Student Assembly Against Austerity has called a major national week of action in early February to coordinate protests across the country demanding that the government drop this disgraceful policy.