'Unlimited tuition fees – does that mean unlimited student loans?' blog discussion

MrsAverage

As parents to a sole 16 year old who should have been destined for a good UK Uni, I have been so disheartened these past 2 weeks.
The previous government may have caused the initial mess of education funding, but the coalition can't even do basic maths. The mathematical errors over child benefit are juvenile and the pomposity to not admit to making a mistake is unforgiveable.

Now this debacle over Uni fees is our final straw.

We will now be encouraging our son to go abroad to study and eventually work- where he will probably settle, and we will therefore follow him.
So this country will lose out on 60% of his earnings (roughly 10% NI, 40% tax and 10% repaying Uni loan) for potentially 50 years to his retirement AND 50% of our earnings as we both work and have to for another 20 years each

Assuming he will earn £50,000 average and our income remains £70k each year, it quickly adds up to England missing out on £2.2 MILLION in tax revenue without any inflation or wage increases at all.

income pa tax yearshis income500003000050 £1,500,000.00 our income700003500020 £ 700,000.00 £2,200,000.00
and this is just one average family with one child leaving - how many more will follow our example?

MrsAverage

Sorry , the nicely laid out calculation did not 'paste' as expected, but you'll get my drfit , I hope

justruth

I'm at university now, on a 6 year course. I sat down and worked out the level of debt that I would be in at the end and very nearly did not apply, and this is at current rates. If I had to apply later on and take on a mortgage's worth of debt, I would not go to uni. There are no guarantee that after all your years of study you will pass, but you still have the debt to look forward to!

I can't see how unlimited fees is a workable option, in much the same way as I couldn't see graduate tax working. I can't help but think that the government is scaremongering with the potential fees payable, so that when they eventually decide to charge 3X + the amount now (£10k a year), that we will all be relieved that it is not worse, rather than rightly horrified at the leap. At £10k fees per year (regardless of NHS bursary in later years) I would not have even applied.

savemoney

I too have been disheartened it may well not pan out as bad we we think it will its worrying. I have two kids both students both hoping to go to uni one is disabled so her prospects are so what more limited for work

billbecks

Can someone please clarify for me whether the increase in fees applies to existing students? I will be starting year 3 of my 5 year degree in September 2012 so will I be expected to pay more then or as I am in the system now, do I pay the £3290 until I complete?
I have had so many conflicting opinions, please help to clarify.

Thank you.