Information has come to light which shows that university students could now easily have a near £55,000 debt hanging around their neck by the time they leave university.
This is partly down to the cost of tuition fees rising to above £9,000 per year (which is ridiculous in itself) but also because interest rates on those said loans have gone past the six per cent mark.
The news goes hand in hand with the fact that university applications have decreased significantly recently as it becomes all too evident that university is far too expensive for most people to take a risk on.
A lot of the time, people aren’t getting the job that they wanted to get at the end of study; so to many, university and the incredulous debt that comes with it, seems a pointless and expensive exercise that they can do without.
The high cost of university study is also having an impact not only on the student, but also on the country’s coffers too.
This is because more and more students are getting into debt, failing to get a job that pays enough of a salary for the loan money to be repaid, and then the state, eventually, has to write the debt off. This means the country’s economy is hit as this money never makes it back into circulation.
There is also a problem with oversees students completing a degree in the UK, only to then return to their native homeland and get a job in their birth country. This has meant that Britain is losing out in terms of loan repayments (all too often foreign students cannot be tracked down for their loan repayments) and the UK is also missing out in terms of getting valuable, skilled people into the British workforce. These students have trained to do a job or a profession at the UK’s best universities, but British society isn’t benefitting from their knowledge as they take it away with them.
In terms of getting people eagerly opting for university again, we believe the only way that this will now be achievable will be to lower tuition fees. People are not going to risk getting into all that debt with no guarantee of a job afterwards.
This news is the latest in a long line of negativity where universities are concerned. Only a few weeks ago it was revealed that many people attending university are disappointed with the standard of teaching and were ‘underwhelmed’ by the university experience and didn’t believe it would give them an edge over applicant rivals like it used to do.