Almost half of Britons think some or all student debt should be written off

Almost half of Britons say the government should write off some or all student debt, and most oppose above-inflation interest rates on student loans, according to a new poll.

Graduates of two student finance scheme programs have criticized how their monthly repayments have been disrupted by rising interest charges and inflation rates in recent weeks.

A new YouGov poll of more than 2,000 people last week found that 44 per cent of Britons want the government to forgive some or all of their student debt, including 55 per cent of graduates. 36 percent of supporters support eliminating student debt entirely.

The majority of Britons also think tuition fees in England and Wales are too expensive; And 68 per cent think £9,000 per year is too high. Additionally, 63 percent said taking a 9 percent cut from graduates’ salaries to pay back student loans is too much.

Many people think that interest rates above inflation are too much to charge graduates; 76 percent of people think 6 percent interest rates are too high, and 53 percent say interest rates should be aligned across all plans.

But most people don’t think college should be free; Just over half of Britons agree that university should continue to be funded by students rather than taxpayers.

Arthur Joustra, 27, graduated in 2022 with loan debt of around £65,000. By April 2024 the debt has risen to £70,177.83. He repaid more than £3,000 in the year to April 2025 but finished the year with a debt of £72,320.58.

he said Independent “The interest never stops,” he adds: “I think my chances of paying back my debt are zero percent unless I earn money outside of medicine, which is unlikely because it’s a full-time, stressful job.”

Chancellor Rachel Reeves announced in November that salaried graduates must begin paying back their plans; Two student loans will be frozen at £29,385 for three years from April 2027.

Under current rules, graduates earning over £28,470 a year have money left over from their payslips each month to cover the £9,000-a-year tuition fees introduced in 2012, as well as extra credits towards living costs.

In the second plan, those who study between 2012 and 2023 pay 9 percent of their income above the threshold through automatic deduction. Loans are deleted after 30 years, but interest begins to accrue from the moment they are disbursed.

Interest on these is determined by the retail price index (RPI) inflation rate plus up to three percentage points, depending on how much you earn. Those earning £51,245 or more pay the full three per cent on top of the RPI.

Money-saving expert Martin Lewis weighs in on chancellor’s decision BBC News Night: “This is not a tax, it is a contract signed by the government with young people who have not received any training regarding these loans. I do not think this is an ethical behavior for you… please think again.”

Alex Stanley, vice-president of the National Union of Students, described the complex student loan agreement as “a political football that affects our bank balances every month” and said: “No one who goes to university for free should be able to say the current system is fair.”

He added: “The student loan system doesn’t work for anyone. Not for students who have to reach out to food banks. Not for graduates who pay back hundreds of pounds a month without touching the interest on their loans. Not for the government because student debt is ballooning.”

“Students and graduates are poised to be a powerful electoral force. With polling on YouGov revealing growing support for measures including the full write-off of all student debt, it is time for the chancellor to start looking at practical solutions for students and graduates.”

A Department for Education spokesman said: “The financial situation this government has inherited means we have had to make difficult choices. Freezing thresholds is part of the difficult but fair decisions needed to protect taxpayers and students now and for future generations of students and workers.

“The student finance system is heavily subsidized by the government and low-income graduates will always be protected, with outstanding loans and interest canceled after 30 years.

“In this system, graduates who earn some of the highest salaries in the country contribute more to repaying student loans than workers who did not go to college or those who graduated with the lowest salaries.”