Fear of 12% interest on student loans will put many off university, top Tories warn

Inflation-linked rise will deter poorer school-leavers from entering higher education in England and Wales, say former ministers

Senior Tories are sounding the alarm over the “outrageous” interest rates to be applied to student loans later this year, after warnings that some graduates will soon be hit with rates of up to 12%.

In the latest sign of party unease over the effects of high inflation, former ministers and MPs are calling for the government to step in and prevent the increases. They say some young people who have the ability to take up a university place will be put off by the idea of repaying a large, expensive debt for years.

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