University students are set to face a sharp increase in the interest of their loans and are fighting back using social network Facebook.
However, many students are unaware of the doubling of the interest rate from 2.4% to 4.8%: "I knew they were going up, but didn't know it was that much" says James Hunter, a first year from University College Falmouth .
After the recent success of the Facebook campaign against HSBC implementing a £10 a week charge, the same measures are being taken against the changes to loans. The group, called "Interest Rates on Student Loans to Double" was set up by angered students from University of East Anglia.
The moderator of the group, Paul Graves, said "A bank could never double its interest rates without informing its customers well in advance, but currently very few of the people this will affect are aware of the rise".
However, many students aware off the increase seem quite unfazed by the new rates: "Yea it's pretty bad, but it's got to happen because of inflation" says Steve O'Neill, a student at Plymouth.