Ed Miliband has unveiled a Labour election pledge to cut student tuition fees by a third - funded by a reduction in pension tax relief for higher earners.
Under the party's plans, the cap on undergraduate fees would be reduced from £9,000 to £6,000 per year from September 2016.
Mr Miliband told an audience of students in Leeds that the current funding system was landing graduates with debts running into tens of thousands of pounds.
He said the coalition Government's student fees policy was "one of the most expensive broken promises in the history of British politics".
Labour's funding cut would be paid for by cuts in pensions tax relief, Mr Miliband said.
He also said maintenance grants will be increased by £400 a year, saying that Labour is "determined" to help students with their living costs.
"Let's be a country that believes in its young people," he said.
Mr Miliband said: "We all know that under David Cameron and Nick Clegg, the fee cap for full-time undergraduates was trebled to £9,000 per year.
"With most universities charging close to the maximum, graduates now leave university with more than £44,000 debt on average.
"My generation would never have imagined beginning our adult life with that amount of debt. But this Government expects it of this generation."
He added: "The Government has designed a system which is burdening students with debt today, and set to weigh down the taxpayer with more debt tomorrow. Much of this money will never be paid back," he said.
"By the late 2040s, student loan write-offs will be hitting £21bn a year - almost double the entire cost of police services in England and Wales. It must go down as one of the most expensive broken promises in history."
But Business Secretary Vince Cable told Sky News: "It's an absolutely terrible idea that will do great harm to universities.
"Its completely unnecessary because we have got a good system now where universities are properly funded, students who go there don't pay any cash, they pay back later in life in relation to their income.
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Gallery: Thousands Of Students Join March
Demonstrators chant slogans during a student rally in central London
The demonstration march was organised by the National Union of Students and was the first national student protest since a series of violent protests against tuition fees two years ago
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