It is difficult to find a working-age adult who went to university who does not raise the same frustration: their student loan.

The principle behind these loans was well intentioned. A Government-backed system designed to open university to those who otherwise could not afford it. For many families, that access has been transformative.

But the repayment model has become deeply unfair.

For those on Plan 2 loans, covering students who started university between 2012 and 2023, interest is set at inflation plus an additional 3 percent. It is that extra 3 percent that is the problem. It inflates balances year after year and keeps graduates in debt far longer than they should be.

Loans are written off after 30 years, and repayments are linked to income. Those who earn below the threshold pay nothing. High earners clear their balance quickly. It is middle earners who are squeezed. They repay consistently, yet the interest pushes their total higher, meaning they often pay for decades and pay the most overall.

That cannot be right. That is why the Conservatives will cut the additional 3 percent interest.

Scrapping the extra interest is a straightforward, fair reform. It would not undermine the principle of graduate contribution, but it would stop the system from penalising those earning a steady, middle income.

It is therefore disappointing that the Labour Government has refused to address this imbalance. Instead, it has frozen the income threshold at which graduates begin repayments, meaning more of someone’s salary is drawn into the system. The Chancellor describes this as “fair”. Many graduates will disagree.

The Liberal Democrats have suggested the vague possibility of partial debt relief for selected professions, but that is neither a serious nor a sustainable solution.

The Conservatives’ pledge to remove the additional 3 percent interest offers immediate, universal relief.

That said, reform cannot stop there. We must also look honestly at post-16 education as a whole. University is not the right route for everyone, and it should not be treated as the default. Too often, degrees with little labour market value leave young people with significant debt and limited prospects.

Where skills gaps exist, we should invest decisively. High-quality apprenticeships offer a credible alternative, with real earnings and no tuition fee debt. Under our New Deal for Young People, we would prioritise these routes once again.

Truthfully, I am concerned about the outlook for young people locally. Youth unemployment in our area now stands at 18 percent and it is rising every month. We must ensure young people can access meaningful training and opportunity. And if they do choose university, they should not face decades of interest that outpaces the growth in their earnings.