From a reply to a link to this petition from someone else's journal:
I had a look into this and as far as I can see it isn't technically true.
What happens is payments are taken every month for a year, these are then divided into 12 equal instalments which are deducted with the interest calculated retrospectively (which is why you only get a yearly statement). There has been a lot of fuss about this petition but it seems that it is just someone who doesn't fully understand the income contingent loans system has gone off on one and it has spread. You don't however get charged interest on the part of the loan that you have paid off that year.
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I had a look into this and as far as I can see it isn't technically true.
What happens is payments are taken every month for a year, these are then divided into 12 equal instalments which are deducted with the interest calculated retrospectively (which is why you only get a yearly statement). There has been a lot of fuss about this petition but it seems that it is just someone who doesn't fully understand the income contingent loans system has gone off on one and it has spread. You don't however get charged interest on the part of the loan that you have paid off that year.
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