High interest rates on student loans should be cut from 6 per cent to 1.5 per cent to prevent middle-earning graduates from paying back more, the House of Lords economic affairs committee said.
The report from the committee argued that the higher education system offers poor value for money to students and the taxpayer, and that funding is “too heavily skewed” towards degrees.
Lord Forsyth of Drumlean, chairman of the committee, said: “The way we expect students to access higher and further education is deeply unfair. We must create a single system, including apprenticeships, that offers more choice and better value for money.”
Sally Hunt, general secretary of the Universities and Colleges Union, said the report should be fed into the government’s post-18 education review, which is being undertaken by Philip Augar.
She said: “Now, more than ever, we must be able to offer decent opportunities for people to improve their skills, and to learn new ones. “Part-time study and further education colleges will be central to that mission if it is to succeed.”
Ray Brogden, COO of Qualifi points out that alternative and more cost effective Higher Education pathways are available; including those which result in receipt of an Honours Degree. Qualifi’s Ofqual regulated qualifications at Level 3, 4, 5 and 6 are Advanced Learner Loan recognised. Subject to eligibility students can take out Loans from the Student Loan Company to access learning via Qualifi approved learning providers. Loans required for the Qualifi L4, L5 with final year Top Up to Honours Degree are substantially lower than that required to pay the £9,250 per annum tuition fee charged by the vast majority of Universities. Colleges of Further Education and Independent Training
Providers approved by Qualifi are able to offer continuation from L2 to L8 inclusive should they wish to enter the Alternative HE market. The majority of Qualifi’s qualifications and Top Up degree options have been designed to e-enabled blended learning delivery, flexibility of access and part-time or full-time study. Thus, a solution to part of the problem outlined in the report already exists! Please do not hesitate to visit the Qualifi website for further information www.qualifi.net or contact Qualifi via https://qualifi.net/contact/
Entire article here – https://www.independent.co.uk/news/education/education-news/student-loans-nurses-lawyers-payments-graduates-lords-economic-affairs-committee-tuition-fees-a8393356.html.