JEREMY Corbyn`s plans to axe the poignant student debt of £100bn was recently unkindly mocked by Andrew Marr. 

Actually the policy would probably not cost the Government anything. Why?

Firstly three quarters of student loans are not presently being repaid. So the stated amount of £100bn is instantly lowered to £25bn.

Secondly it is a hypothetical debt not a real figure but an imaginary sum. This is because the loans are only repaid once the graduate earns above £21,000 and technically they are not a debt but a revenue collected via wages.

Therefore since the debt is a contingent one it cannot cost our country money to repay it as the money is an imaginary sum not a real one..
Furthermore the loans act as a disincentive to graduates to find a well-paid job. Many graduates may opt to find a lesser paid job in order to avoid repaying the loan.

Therefore the loans policy may also be acting as a disincentive for students to actually utilise their degree to its best advantage. 
Graduates earning higher wages will contribute more tax revenues which benefit our economy.

Under the present system of high interest loans this potential high wage tax revenue is not being generated. 

Jeremy Corbyn is an intuitive politician who often arrives at the correct solution to problems on an instinctive hunch basis.

The present student loan system is acting as a brake on our economy.

Finally since the university fees tripled, University Vice Chancellors have been awarding themselves shameless pay rises. 

SUSAN THOMAS 
Magdalen Road 
Oxford