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Think Tank Suggests ‘Scrap student loan interest and extend payback time’.

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Extracts below.

Scrapping interest on student loans and extending the time limit on paying it back could help to avoid a future debt crisis, a centre-right think tank says. UK 2020 is proposing that interest on all student loans – typically 6% a year – should be scrapped. This would reduce unpaid student debt by an average of 10%, it said. Combining that with pushing back the current 30-year limit on debt repayment to retirement age would, the report says, increase the number of loans recovered from 25% at present to 80%, benefiting both graduates and taxpayers.

A previous UK 2020 report, issued last month, accused universities of running a “cartel” and failing to offer enough two-year degrees that could cut graduate debt.

A government spokesperson said: “Sustainable university funding and student finance are a priority in delivering this government’s objectives on higher education.

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