McLaren_Field wrote:
1. Its what happens when you cut the universities completely adrift of state funding, of course they are bound to accept anyone with the credentials to get a student loan or pay cash, of course they are.
2. Ultimately we aren't "funding people through university", they are borrowing money, which has to be paid back, up to £40k for some of them.
And the interest on that loan compounds. The rate for loans this year has been set at a rate of 6.6%. That means if you got the £9K loan plus borrow a further £4K for the subsistence loan for three years you would have to earn £33K a year on day one after graduation just to meet the interests payments.
That is you would not be paying down any capital on the loan even earning £33K a year. You would be paying £90 a month out of your salary and would not be paying down the loan.
Anyone on less than £33K a year would see their debt increasing not decreasing.
Of course the government never highlighted this when it went on its propaganda offensive when they came up with this stupid idea. No, instead they said (and keep saying), parents don't have to pay, students don't have to pay until they graduate and its all right and proper that "postmen" (or whoever) on low wages should not have pay taxes toward undergraduate education when in fact the amount they did pay was a pittance anyway.
How the hell the Lib Dems went from abolishing fees to this ludicrous system I will never know.