Commenting on the letter from Universities UK (UUK) to the Times newspaper, Labour's Shadow Minister for Universities, Science and Skills Liam Byrne MP said:
"The Tory-led government trebled fees and now it is crystal clear that the student finance system is going bust, saddling students with debts most will never repay of £43,500 on average, and costing the taxpayer more than the system it replaced.
According to new UCAS analysis, trebled fees have deterred thousands of potential students applying.
"We will announce our policy in due course ahead of the general election."
A recent study by UCAS, 'Summary of demand factors to 2018' found that the government's trebling of student fees reduced application numbers by 5 per cent.
You can access the study here.