Stop Peer Pressuring Young People into the Student Debt Swindle

This opinion article by economist Paul Ormerod argues that the UK's student loan system is a 'swindle' that leaves many graduates worse off. It notes that one in four graduates will be financially worse off than if they had not attended university, with average debt now £53,000. The article cites a Treasury Committee survey finding that 57% of graduates did not understand their loan terms, and 51% regret taking on the debt. Ormerod attributes high university demand not only to imperfect information but also to social pressure from schools, parents, and peers. He calls for a change in societal expectations to prevent young people from making poor financial decisions.