Shadow universities minister Liam Byrne has waded into the debate stating David Cameron's finance system has lost credibility, he said:
"David Cameron's student finance system has lost its last shred of credibility."
He also stated that degree costs have trebled previous to this announcement which could now damage "public confidence."
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Theresa May has launched her bid to become the next leader of the Conservative Party.
The government is set to announce that David Cameron's successor will make the decision on whether to expand Heathrow or Gatwick.
Michael Gove is to stand for the Conservative Party leadership, saying he does not believe Boris Johnson can "provide the leadership".