In response to Catherine Blaiklock: If banks did this to students, it would be called mis-selling, Dacorum wrote:
The Tory party hasn’t worked out that if 50 per cent of school-leavers go to university and accumulate debts that can never be repaid, they will all blame the Conservative Party and will never vote Conservative. The successful graduates will find to their cost that they will be paying the equivalent of an additional 9 per cent tax on every £1 they earn over £25,000 pa. That is a huge marginal tax rise that they would all blame entirely on the Tory party.
These high-earning graduates are the very people who would normally be expected to vote Conservative as they earn more and build their careers, but they will be permanently alienated by having to pay marginal rates of tax of 29 per cent (instead of 20 per cent) and 49 per cent (instead of 40 per cent) whilst their Scottish, Welsh and Northern Irish graduate colleagues would only be paying marginal tax rates of 20 per cent and 40 per cent on their income.
The compound interest rates mean that graduates have to earn over £60,000 pa to even start repaying the capital owed and most graduates will in fact see their debts rise over the 30-year life of the loan.
Why is the Conservative Party leadership so thick and stupid that they don’t realise that the current English student loan system they set up is electoral suicide for them?