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Government expects (source https://www.nao.org.uk/report/the-sale-of-student-loans/) that only 55% of loans will be paid back. At 52% or so (IIRC), it no longer becomes a positive thing on the balance sheet.
wence
I heard something on the radio about it recently. According to the show, the fact that all these loans are being made but most will never be fully repaid is just kicking the can down the road - it means that the books are balanced for now, but future governments will have to deal with the shortfall of all the loan money that was given out but not repaid in however many years' time.