Tuition fees – should they be cut?
As any student will know, tuition fees are the most talked about and debated topic of starting university. And, if you want to pursue your university dream, it now comes with a hefty price tag. Here in the UK, we have made it almost impossible to repay student loans quickly due to their size. If you go back to the beginning, back in 1998, tuition fees only went up to £1000. However, in 2009 the cap rose to £3,225 a year. Then, following the Browne Review in 2010, the cap was raised to £9,000 a year.
1 in 4 students aren’t happy
It’s hard to believe just one in four university students feel they are getting good value for money with regards to tuition fees. And the level of undergraduate students reporting their course is good value for money has dropped dramatically. Initially, it was 39% but this has reduced to just 27% – the lowest levels recorded by the think tank.
Government plans for the future
There are calls for tuition fees in England to be cut to £7,500 says a landmark review commissioned by the government. This proposal suggests extending repayments from 30 to 40 years – so that people could be paying back student loans into their 60s. But the review calls for the return of maintenance grants, which were axed in 2016, for poorer students. The review proposes that any unpaid debts would not be canceled until 40 years after graduating, repayments start at a lower point (when graduates earn £23,000 rather than £25,725). There is also a call for more for further education and more access to loans for students on vocational courses.
Who would benefit most from the changes? the biggest winners will be the highest earners as they will pay off their debts quickly, saving on interest charges.
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