Straying way off topic here, but student funding is a long-time professional expertise of mine.
Students are charged interest at RPI+3% from the day they start studying, but they cannot repay until the April following their leaving the course. That can be three years of above-inflation interest charges. After that, interest is charged at RPI.
Repayments are set as a percentage based on your income, not on your loan amount. Interest is compounded. Student loans are cancelled after 30 years, with any outstanding balance written off.
There is a bell curve of repayment levels. Those who earn little will repay little, and will have barely make a dent on the capital, never mind the interest, before the 30 years are up. Those who earn megabucks, or have substantial wealth behind them, will clear the loan within a few years, saving themselves a fortune in interest. There is, however, a really toxic spot for people earning about £40,000-50,000/year (current wages) where they will repay all the capital AND 30 years of compound interest just before the 30 years are up. These upper-middle earners are getting absolutely rinsed under the current scheme.
Martin Lewis' calculator makes the point very clearly. With a starting wage of £25,000 (and with assumptions about inflation, promotion, etc) you'll repay about £20,000 before the 30 years are up. Do well for yourself, start with a wage of £40,000, and you'll repay £110,000. Earn £47,000 and you'll repay £151,000. But earn £60,000 and you'll repay £100,000. It drops off quickly from there.
https://www.moneysavingexpert.com/students/student-finance-calculator
I continue to be astounded and amazed that the people who are the ones getting absolutely and shamelessly rinsed under this mess of a scheme are the ones who are most loudly shouting down Corbyn for the suggestion. It won't make much difference to the poor- they either don't repay at all, or are paying £20 a month back. It's neither here nor there. But for those on 40-50 grand a year, it will literally save them a hundred grand in today's money. Corbyn is offering them the money to literally buy a house, yet they shout him down as a rich-hating Trot Commie *******.