"Student loans are a de-facto graduate tax for 77% of people" is another possible headline, or more accurately, "richest 23% will receive graduate tax break under Tories"
The rule is currently that graduates pay 9% of their income above £21,000/year towards repaying the loan, but after 30 years (or in event of death, etc) the loan is written off. This isn't a crippling repayment schedule. It's designed so that most people will never repay the loan, but will pay an effective graduate tax.
To repay the loan in full on a 3 year course under the current rules, a graduate has to earn £44,700+/year each year for 30 years. Not many people are going to achieve this.
The real winners under the current scheme are rich parents, who can afford to pay the £9250/year university fees upfront, and thus buy their offspring out of having to pay the graduate tax, and the very high earning graduates who manage to pay off the whole loan during their working lives, since they are effectively exempted from further graduate tax payments, even though they are most able to pay.
This isn't to say that the rules are stable. The scheme has only been in place a few years, and no-one who has a lifelong debt is getting close to retirement. I could imagine future governments deciding that student loan debt must be recovered from the estate of a deceased person, that the debt is inherited (to work corruption of blood) etc.