For most of you unsuspecting graduates who are paying back your student loans, the Inland Revenue takes payments directly from your employer in the same way as they take tax. i.e. the more you earn the more you pay, this includes bonuses etc.

However they are playing a dirty trick on most of you. After taking monthly amounts from you the Inland Revenue does not pay this directly to the student loan company, instead they wait until the end of the financial year in April and then pay the entire year off to student loans.

During the time the Inland Revenue hold on to your monthly payments (for up to a year) they are earning themselves interest. The student loans company have not received these funds so they charge the graduate interest on the outstanding amount even though it has already been paid to the Inland Revenue.

So, to sum up them. For those of you in this position you pay interest to student loans on money which has been taken from your account which the Inland Revenue keeps and earns interest on.

There are others who have become aware of this injustice and have started a petition on the Downing Street website.

If you want to show your distaste for this sharp practice, you can sign the petition at this link, or listed below.

http://petitions.pm.gov.uk/Student-loans/

If your debts get you down, see the helpful article at Care for the Family