Student Loans 2012

dizzie

Hi Melancholly:

I dare say those lower down in the hierarchy do not get paid so well...and maybe they don't get invited to the fancy meals so often either. But what about those higher up the chain? There were articles in the press a year or so ago about the fact that some staff wages were being frozen or almost frozen whilst senior university staff had seen double digit percentage wage increases....and it's my guessing that those will be the ones who get to as many fancy dinners as possible...

I've no evidence of course - it's only a suspicion:D

setmefree2

Updated list here

http://www.timeshighereducation.co.uk/story.asp?storycode=415618

and also BBC have a list here

http://www.bbc.co.uk/news/education-12880840


Looks like the government have capitulated? Did the government ever have any intention of fees being around £7.5k? Or will there be further funding cuts ?

setmefree2

dizzie wrote: »

Hi Melancholly:

I dare say those lower down in the hierarchy do not get paid so well...and maybe they don't get invited to the fancy meals so often either. But what about those higher up the chain? There were articles in the press a year or so ago about the fact that some staff wages were being frozen or almost frozen whilst senior university staff had seen double digit percentage wage increases....and it's my guessing that those will be the ones who get to as many fancy dinners as possible...

I've no evidence of course - it's only a suspicion:D

Three-quarters of university chiefs given pay hikes

Almost three-quarters of vice-chancellors saw their pay packets rise last year, despite warnings over brutal cuts to higher education funding, research shows.

24th March 2011

The average university leader received £213,813, excluding pension, as overall packages increased by some 0.52 per cent.

Figures show Gloucestershire University, which has been heavily in debt, paid vice-chancellor Patricia Broadfoot £399,000 as she retired last summer. It included a £198,000 pay-off and £95,000 pension.

Gerald Pillay, head of Liverpool Hope University, saw his salary rocket by a fifth to £199,077 just months before the institution announced plans to axe up to 110 jobs because of Government cuts.

But other vice-chancellors saw their pay slashed in 2009/10, according to data from Times Higher Education magazine.

Martin Hall, head of Salford University, was paid £193,000 in salary and benefits – 37 per cent less than his predecessor.

http://www.telegraph.co.uk/education/educationnews/8404384/Three-quarters-of-university-chiefs-given-pay-hikes.html

setmefree2

Brits Invest into ISAs to Save for Higher Education

The results of the latest research carried out by Virgin Money were revealed yesterday, on March 30th.

It showed that instead of setting up student bank accounts, parents invest their money into individual savings accounts (ISA) to ensure that their kids will be able to afford to go to university.

As such, 25% of those questioned said they are investing into ISAs because the tuition fees are expected to increase to as much as £9,000 next year.

It is interesting that more than half of respondents (55%) believe that tuition fees should be paid by both, parents and students. Further 17% are determined that the burden of paying for higher education should be laid upon students alone.

Commenting on the current trends, Mr. Bather of Virgin Money, said that "from September 2012 onwards tuition fees are going to rise substantially and it is clear that parents and grandparents are already starting to prepare for the financial burden."

http://www.moneyavenue.co.uk/news/students-current-accounts/brits-invest-into-isas-to-save-for-higher-education-779.html

setmefree2

£3,000 Junior Isa that allows children to invest in the stock market to be unveiled by the Government

Children will be able to save up to £3,000 each year or invest it in the stock market with the launch of 'Junior Isas', unveiled by the Government today.
The tax-free savings accounts for those under the age of 18 will replace Child Trust Funds which have been phased out.
The Junior Individual Savings Account will be available from November 1 with an annual limit of 3,000. If the total amount is invested each year there will be a pot of £54,000, plus any interest, when the account matures.

Read more: http://www.dailymail.co.uk/news/article-1371776/Junior-Isa-Government-allow-children-invest-3k-year-stock-market.html#ixzz1IABLTAnF

http://www.telegraph.co.uk/finance/personalfinance/8416771/The-Junior-Isa-will-help-with-university-fees-and-house-deposits.html

setmefree2

The Future of Higher Education

Written submission from London Economics
Although relatively unresponsive, the demand for HE will fall following tuition fee increases · The number of students entering higher education may fall by approximately 45,000 per annum

http://www.publications.parliament.uk/pa/cm201011/cmselect/cmbis/writev/885/m16.htm

That's 45,000 less students with fees at £7.5k. It must be higher if fees are going to actually be £9k.

melancholly

dizzie wrote: »

Hi Melancholly:

I dare say those lower down in the hierarchy do not get paid so well...and maybe they don't get invited to the fancy meals so often either. But what about those higher up the chain? There were articles in the press a year or so ago about the fact that some staff wages were being frozen or almost frozen whilst senior university staff had seen double digit percentage wage increases....and it's my guessing that those will be the ones who get to as many fancy dinners as possible...

I've no evidence of course - it's only a suspicion:D

actually, the college fellows are the one's who'll be eating in college every night (you normally need to be a fellow to be allowed to eat there!)..... i think the food is a way of compensating for the low pay! those at the top, in the leadership roles get paid a fortune. often to take decisions that the people doing the teaching don't like! i would never defend those salaries as i think they're ludicrous. but each uni only has one vice chancellor. most people don't make the mega bucks as in setmefree2's post:

the average salary for a lecturer is about £35,000/£37,000 (http://www.mysalary.co.uk/average-salary/Lecturer_1663). now that's a good wage and more than a lot of jobs, but it's not epic ifswim (plus it will be less out of London as those jobs include about £2500 London allowance). i think the problem with HE is the number of staff, not the individual salaries, which are tightly controlled, like any public sector job, into pay bands and spine points.

i had a google of which unis have their pay structure available on the internet. none have a max into three figures. it seems the only ones who get the top money are the ones at the top who get to decide it for themselves! this isn't the same as, for example, GPs all earning masses (but i couldn't begrudge them earning at least something/quite a bit more more as their job has life and death in it!).

http://documents.manchester.ac.uk/display.aspx?DocID=4291
http://www.cardiff.ac.uk/humrs/staffinfo/payscales/index.html
http://www.soton.ac.uk/finance/payandpensions/salary/scales.html

most unis went through a painful process of getting a standardised pay scheme (since every uni was different and the sector was very confused!). there are now a max of 51 spine points - so having looked at the pay scales above, the addition up to the huge values must be due to 'contribution-related pay' as the pay scale doesn't got up that high! don't fully understand it. everyone i know working in a uni is on a standard pay scale, starting at a point related to their qualifications, with a max that they can go to without being promoted. i don't know anyone on contribution-related pay so i can only assume that only applies to senior management. if you fancy a painful read, here's the summary of the pay agreement process!

http://www.ucea.ac.uk/objects_store/a_review_of_the_implementation_of_the_framework_agreement_for_the_modernisation_of_pay_structures_in_higher_education.pdf

atypical

melancholly wrote: »

this isn't the same as, for example, GPs all earning masses (but i couldn't begrudge them earning at least something/quite a bit more more as their job has life and death in it!)

Most GPs are salaried and earn between £50-80k. The three figure salaries seen in the media go to partners of a GP practice i.e. they own the practice, essentially as business owners.

I've always found Prospects to have the most accurate data and info:

Salaries for higher education (HE) lecturers range from £30,500 - £40,000+ (salary data collected June 2009).

At senior level, salaries range from £39,000 to £48,000+ (salary data collected June 2009).

Salaries are calculated using a national grading system with a single national pay spine across the current salary grades (see the University and College Union (https://www.ucu.org.uk) website for details).

http://ww2.prospects.ac.uk/p/types_of_job/higher_education_lecturer_salary.jsp

melancholly

atypical wrote: »

I've always found Prospects to have the most accurate data and info:

Salaries are calculated using a national grading system with a single national pay spine across the current salary grades (see the University and College Union (www.ucu.org.uk) website for details).

the only annoying thing about prospects is that it gives ranges and not means - so it's not always clear what the majority of people in that job get paid.... that's why i picked the other link!

the national grading system does have a single pay spine, but the actual values vary and there is also variation about what spine point is the minimum for each job (some lecturers go in on 27, some on 35). so while it has improved the standardisation, there is still variation by institution.

(and either way, the range of GPs doesn't overlap with the ranges for HE lecturers - it's not about what the separate jobs are worth - because if you get into that, some jobs are massively undervalued and others massively overvalued - but i just wanted to point out where these 'big public sector salaries' are in relation to other well publicised levels - i.e., a lot less!)

setmefree2

Graduates face 'stealth rise' in student loan repayments

Graduates face being plunged deeper into debt because of a Government stealth rise in student loan repayments, according to research.

http://www.telegraph.co.uk/education/educationnews/8443560/Graduates-face-stealth-rise-in-student-loan-repayments.html

Same story
http://www.telegraph.co.uk/finance/comment/richardfletcher/8444247/How-an-R-could-cost-you-5000.html

http://www.mirror.co.uk/news/top-stories/2011/04/12/tory-stealth-tax-to-hit-graduates-and-families-hard-115875-23055053/