“But Liz Emerson, CEO of the Intergenerational Foundation, said the current system is “failing students, graduates, taxpayers and the wider economy”.
She said: “The Government should remove these sky-high interest rates and lower the 9 per cent repayment rate. Doing so would put wage back into the pockets of graduates and stimulate the wider economy as we enter a recession.
“The Government is placing too much of the financial burden of student finance on individuals.
“Successive governments have taken the most onerous recommendations from various reviews rather than playing fair with a generation that should be the economic drivers of the economy.”
More than 100,000 graduates face student loans over £100,000 they may ‘never repay’