Student Loan Interest Rates - Question

Part of the debate – in the House of Lords at 11:38 am on 27 March 2024.

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Photo of Baroness Barran Baroness Barran The Parliamentary Under-Secretary of State for Education, Lords Spokesperson (Equalities) 11:38, 27 March 2024

I think the noble Lord knows the answer to his question: it is not appropriate to compare mortgages with student debt, which is unsecured and expires and does not have to be repaid in full. The noble Lord shakes his head, but he can do the maths: a mortgage is asset-backed, and one has to repay it; a student loan is not asset-backed and expires. As the noble Lord knows, under the current system, the vast majority of students do not repay it in full.