Student loans condemn young people to a life of debt and exacerbate generation divide, says Molly Scott Cato

Molly will today launch a new report detailing the burden of student debt and how this has increased gradually under all three main Westminster parties. The report also highlights how student loans are exacerbating the generation divide because the debt load is being used to secure the private pensions of the elderly, many of whom previously benefited from free higher education.

Molly said:

“This report exposes just what a huge swindle student loans are. All three main Westminster parties are guilty of engineering this swindle; they have all betrayed our young people, condemning them to a life of debt. Student fees began under Labour, who subsequently tripled them. They were then tripled again under the Conservative and Lib Dem coalition government.

“Generation debt is now also funding the pensions of generations who enjoyed free higher education. The sell-off of student debt to private corporations is being used to secure private pensions; another clear example of how government policy is exacerbating the generation divide in our society.

“Other countries in the EU and around the world recognise and value the benefits free education. If they can manage to fund this using taxes, so can we here in the UK.

“The Green Party recognises the value that higher education brings to individuals, wider society and our economy. We will scrap university tuition fees and cancel all student debt issued by the Student Loans Company and held by the government. We will reestablish full student grants and make greater public investment in further and higher education. And we will deliver these policies by raising corporation tax on large wealthy corporations; the very corporations currently benefitting from exploiting student loans and student debt.”