Natasha Irons

It is a pleasure to serve under your chairship, Ms Lewell. I thank my hon. Friend the Member for Ilford South (Jas Athwal) for securing the debate. The system that the current Government have inherited, after years of failure on the issue by the previous Government, is complex, ineffective and simply unfair. What was supposed to be a system that enabled fair contributions to the cost of higher education has become a long-term financial burden that is quietly eroding living standards. Freezing the repayment threshold for plan 2 borrowers has quietly increased the real cost of payments year after year, pulling more people into making repayments and extending the burden far beyond what was expected. Changing the terms of a repayment after a contract has been agreed is fundamentally wrong. Using RPI as the measure to calculate interest—a measure the OBR says should be discouraged, as it is not a good measure of inflation—is completely wrong. Linking rates to CPI rather than RPI and removing the additional 3% margin could restore credibility and better reflect economic reality. Student loans were supposed to be an income-contingent contribution towards higher education, not a perpetual liability. Today’s graduates are being asked to accept not only a system that we did not face ourselves, but one in which the terms can be changed after they have been signed up to. This debate is not about walking away from supporting our universities. It is about building a country where talent thrives and choosing to become a nurse or a teacher is not quietly penalised by decades of repayments. It is about restoring balance. It is about designing a system that is progressive and sustainable—one that protects universities, supports students and reflects our values as a country. It is about fairness.