A new poll indicates that half of Britons support writing off student debt, amid growing concerns over the financial burden of higher education. The survey comes as the government's higher education reforms face scrutiny over the long-term cost of student loans.
According to the Higher Education Policy Institute (HEPI), the government's own figures suggest that only 30% of student loans will be repaid in full. This raises questions about the sustainability of the current system, with some analysts warning that public spending on higher education could increase rather than decrease.
The HEPI report notes that the Resource Accounting and Budgeting (RAB) charge—a measure of the cost of loans—could be as high as 100% if no repayments are made. Even under optimistic scenarios, the level of unrecovered debt may lead to a significant rise in public borrowing over time.
Critics argue that the government's policy is a 'smoke and mirrors' approach, as student loan debt is not counted in official borrowing figures. This has led to speculation that the true objective may be to reduce student numbers by up to 50% through high fees and debt levels.
The poll results reflect public unease with the current system, which sees high earners paying double the amount they borrowed, while many graduates struggle to repay their loans. The debate continues over whether the reforms will achieve their stated goal of reducing public expenditure or simply shift the financial burden onto students and taxpayers.
