Should governments cancel student debt?

There are many arguments for and against university tuition fees and student loans. An interesting article written by the Institute of Chartered Accountants in England and Wales (ICAEW) suggests there may be economic benefits not just for the student but also the government

One observation written by a Professor of Economics at Manchester Metropolitan University is that the average cost for a student of doing a three-year university degree is at least £47,750. Based on future earnings, the average graduate will receive an extra £210,000 over the course of their career with the average extra tax paid being £291,000. Therefore the total average financial benefit of higher education ends up being 58% to the nation and 42% to the individual.

Moreover, as the government can borrow at 0.75%, there is little financial sense for students to be forced to pay 6% on student loans.