Ulster Unionist Party Leader and Education Spokesperson Jon Burrows MLA, and Robin Swann MP, have written to the Economy Minister, Caoimhe Archibald, and the Chief Secretary to the Treasury, James Murray MP, to seek clarity on the future of student finance and loan repayment arrangements affecting Northern Ireland students and graduates.

Robin Swann MP said:

“Northern Ireland graduates deserve a student finance system that is transparent and does not place an unreasonable burden on young people. With changes being explored at UK level, including a review of the sustainability of the student loan system, it is vital that students here are not left in the dark.

“There is growing anxiety among borrowers about the long term financial pressures they may face. We need certainty on whether Northern Ireland students will remain on Plan 1 repayment terms or whether a shift to the new Plan 5 model is being considered.”

Jon Burrows MLA also raised concerns about interest charges during periods when borrowers are under financial strain, and how student loans could be made more affordable:

“Charging interest during maternity or paternity leave is an unfair penalty at a time when families are already under strain, and it particularly disadvantages women.

“The Economy Minister talks about supporting those feeling financial pressure; now she has the opportunity to do so by engaging with the Treasury to advocate for a suspension of interest when a borrower’s income drops below the repayment threshold due to illness or career breaks. Northern Ireland needs to be part of the national conversation on these issues.

“I’m also asking for a system that recognises real life circumstances. That means exploring more equitable options, including aligning interest rates with either market rates or inflation, whichever is lower. This would be a game changer for many who feel the current student loans regime doesn’t work for them, and it would open the doors of education to a new generation and drive social mobility.

“Together, myself and Robin recognise that this issue requires cooperation between the Department for the Economy and the Treasury. That is why the Ulster Unionist Party is working collaboratively at Stormont and Westminster to ensure Northern Ireland students are not moved to a more punitive repayment plan, and to advocate for interest on loans to be paused under certain personal circumstances.”