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Labour will lift £38 billion debt burden from students’ shoulders

400,000 university students will be freed from an average of around £27,000 debt this autumn if Labour is elected next month, Leader of the Labour Party, Jeremy Corbyn, and Shadow Education Secretary, Angela Rayner, will announce today.

Tuition fees will be abolished from 2018 under a Labour Government. But Labour is also pledging to write off the first year of fees for students planning to start university this September.

Abolishing tuition fees will lift a total £38 billion in debt from fees over the course of the next parliament, before a penny of interest is added.

This will give 18-year-olds sitting their A levels this summer yet another reason to register to vote before tonight’s (22 May) midnight deadline and to vote Labour on 8th June.

Tuition fees have trebled to over £9,000 a year since 2012 and graduates are being held back by starting their working lives saddled with debts averaging almost £45,000.

As well as abolishing university tuition fees, Labour will restore the maintenance grants the Conservatives abolished in 2016 and, under its transformative plan for a free National Education Service, will scrap college fees for adult learners.

Jeremy Corbyn, Leader of the Labour Party, said:

“The Conservatives have held students back for too long, saddling them with debt that blights the start of their working lives. Labour will lift this cloud of debt and make education free for all as part of our plan for a richer Britain for the many not the few.

“We will scrap tuition fees and ensure universities have the resources they need to continue to provide a world-class education. Students will benefit from having more money in their pockets, and we will all benefit from the engineers, doctors, teachers and scientists that our universities produce.”

Angela Rayner, Labour’s Shadow Secretary of State for Education, said:

“Labour believes everyone should have the chance to further their studies, not just those that can afford it, and we will restore the principle that education is free. No one should be put off from getting an education through a lack of money or fear of debt.

“The Tories trebled tuition fees and students now rack up an average £45,000 debt. A Labour Government will stop that. If students sitting their A levels now want a say on their future they need to register to vote before tonight’s deadline and vote Labour on 8 June.”

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