A new YouGov poll has unveiled significant public discontent with the student loan system in the UK, revealing that nearly half of Britons believe the government should intervene to alleviate the burden of growing student debt. The survey, conducted recently, indicates that 44 per cent of the population supports writing off some or all outstanding student loans, a sentiment that rises to 55 per cent among graduates who have directly experienced the financial strain.
Widespread Criticism of Tuition Fees and Repayment Terms
The poll further highlights deep-seated concerns about the cost of higher education, with 68 per cent of Britons stating that the annual tuition fees of £9,000 in England and Wales are excessively high. Additionally, 63 per cent oppose the current 9 per cent pay cut applied to loan repayments, arguing it places an unfair burden on graduates entering the workforce.
Interest Rates and Calls for Reform
A striking 76 per cent of respondents find the above-inflation interest rates on student loans to be excessive, suggesting that the financial mechanisms in place are exacerbating debt levels. In response, 53 per cent advocate for harmonising interest rates across all student loan plans to ensure greater fairness and transparency in the repayment process.
Chancellor Rachel Reeves Defends Current System
Amid this backlash, Chancellor Rachel Reeves has publicly defended the student loan system, emphasising its role in funding university education. She recently announced that the salary threshold for Plan 2 student loan repayments will be frozen at £29,385 for three years starting from April 2027, a move aimed at providing temporary relief for lower-earning graduates.
Public Opinion on Funding Models
Despite the widespread calls for debt relief and reform, the poll reveals a nuanced perspective on funding. Just over half of Britons agree that university education should continue to be funded by students rather than taxpayers, indicating a complex balance between personal responsibility and public support in the ongoing debate over higher education finance.
