More than half of student loan holders would not borrow money for higher education again “knowing what they do now”, according to a UK government survey that found frustration with the current system on a “massive scale”.
The vast majority said the impact of paying back loans was “worse than expected” and was having a material effect on their planning for the future. More than 90 per cent said the interest and repayment terms attached to their loans were unreasonable.
Current loan holders and prospective students were polled as part of the House of Commons Treasury Select Committee inquiry into student finance. It received 52,000 responses – one of the highest response rates ever recorded. Most were based in England but there were also responses from Wales and Northern Ireland.
Although the sample was self-selecting, the committee chair Meg Hillier said the “massive scale and strength of frustration and upset is powerful” and MPs “must listen”.
Of the 1,300 respondents who did not have a loan but were thinking about getting one, 59 per cent said they were less likely to do so because of the recent negative coverage.
