We do - it's called Income Tax.
Indeed, and as you pointed out earlier, graduates are more likely to pay more taxes over their life time.
Given that why is it then fair that they be left with what is basically another tax on top of that?
it is true that students don't have to pay a bean until their earnings reach a given level but the debt continues to grow. In the past that rate of increase was pretty much static being at zero percent in real terms. Now that too is being changed.
The perception of students being in a perpetual state of insobriety is vastly outdated. Unless you have rich and generous parents then student life is far from being a 3 year Bachanean orgy.
When i went to uni there were still maintenance grants (mine was 3 grand pa, it was less than my annual rent), they had been frozen but never-the-less they still existed. The student loans were being phased in. At the time there were many students who took the loans out and paid them into high interest earnings accounts (because in real terms the loans were interest free)- these were the people from more affluent back grounds that didn't need the money to live.
From memory I think that my direct state "handout" was less than a third of the money that an unemployed person in the same area would have received given that their accommodation etc would have been paid for.
The proposed changes will lead to a massive increase in unemployment in school leavers and will impact on people studying subjects that are less likely to reward them with higher wages.
Employers will be forced to look overseas for skilled staff. British universities will lose their perception as being centres of excellence and the number of foreign students will taper off.
Britain will end up being a country of cheap unskilled labour.