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Funding UK Higher Education: From Elitism to Mass Market
What's a better way of funding higher education?
The Government's white paper on HE reform and academic research suggests four main principles for HE funding:
- Income-contingent repayments
Student loans should be repayable based on a percentage of the borrower's future earnings, which should be collected through the income tax system.
- Larger loans
Student loans should be large enough to cover all fees and living costs. This would solve student poverty as well as improving access, because higher education would be free at the point of use, with no upfront payments or parental contribution.
- A realistic rate of interest
The interest rate charged on student loans should be set in line with the government's cost of borrowing, not the rate of price increases in the economy. This would reduce the cost of the system to the taxpayer.
- Variable fees
Universities should be able to charge tuition fees up to a maximum of £3000 per year. This would enable the variety of HE courses to be taken into account.
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