The politicians quoted that scrapping existing student loans could cost the government £100bn; however, the Institute for Fiscal Studies analysis came up with a different finding. The IFS reckoned that writing off the debts for university tuition would add £20bn to the government’s debts. On the other hand, it will cost the government £60bn if the decision were postponed until the end of the current parliament in 2022.
Student loan debts that are not repaid after 30 years are wiped out. The IFS stated that “Suggestions that debt would rise by £100bn are wrong. £100bn is the outstanding value of all tuition fee and maintenance debt since 1998 – it is not the answer to the question: what would be the impact on public debt of writing off fee loans accumulated under the £9,000 tuition fee regime?” in a research note published earlier this month. A clear suggestion was made by the IFS, stating that the government has the ability to pay for the extra debts with a "modest increase" in the top rate of income tax.
Robert Halfon, the Conservative MP, ensures that they want to examine the qualities of the UK universities to ensure that they deliver a high-quality service for their students. Similarly, the findings of a recent survey concluded that a third of students claim that they had received a very good-quality for money while in higher education.