Issue 5

Page 1

www.the-ripple.co.uk ripple@le.ac.uk @uolripple www.facebook.com/therippleleicester The University of Leicester’s free student newspaper

Issue Five

Semester One

1st December - 12th December

Is Your Degree a Smart Financial Investment? by Mark Thompson and Ross Brown

All the stats and figures below were gathered by a recent article in The Independant and have been beneficial in highlighting potential flaws in the education system. A study has revealed that the UK university system is one where ‘everybody feels like they are getting a bad deal’. The Higher Education Commission has revealed its doubts about the long term future of the current system and its financial stability. However after commissioning this study in which evidence from expert witness’ were taken, they have acknowledged there is no quick fix to the system. From 2012, the maximum amount that tuition fees could be set at was raised by the coalition from £3000 to £9000. Rather famously, this went directly against a pledge that the Liberal Democrats had made saying that they would vote against any rise in fees (which, slightly less famously, went on to spawn The Poke’s fantastic remix of Nick Clegg’s apology). Around £3000 of the fee rise was to make up the loss in state funding that universities

suffered after the 2010 general election, and the Russell Group universities welcomed the rise as a ‘life-saving cash transfusion’ which would allow UK institutions to continue to compete on the international stage. Some other universities condemned the rises, and there was widespread worry that it would make higher education more elitist.

to student repayment structure will work or not.

However, there has been concern that for some time the rise in fees would not bring in as much money as had been hoped. In April, the Institute for Fiscal Studies said that the weak economy meant that students would be paying back less of their loans and would not save the taxpayer as much money as had been originally claimed.

This study comes at the same time that the Daily Mail reported on a study that discovered only 49% of university students feel that they have to work hard to get a decent degree and that most students believe seminars are not worth turning up for due to the easy content involved.

Two months earlier, in February, the Department for Business, Innovation, and Skills (BIS) – the government department that is responsible for Higher Education – warned against the possibility that an extra £5.5bn provision for their budget would be needed by 2018-19 to cover losses in student repayments. Perhaps unsurprisingly, it has been said by many that it will take decades to know for certain whether the increase in fees and change

Speaking to a student from the University of Leicester they said ‘I do not feel as if I am getting my moneys worth at £9,000 a year. You would have expected three times the teaching and education since they have tripled tuition fees but this is not the case’.

The latest report is yet another blow, saying that the current situation is ‘not sustainable’, and came just days before a Free Education march in central London. The report also highlighted that students felt they were paying more, while the government was still having to write off a lot of tuition fees, and universities were not benefiting from extra funding. The Free Education march, which was not supported by the National Union of Students, was organised by the National Cam-

paign against Fees and Cuts and the Young Greens, the march was to protest against tuition fees, student debt, and education cuts. The march was largely peaceful although there were some incidents with Conservative headquarters, a Starbucks targeted, and there were eleven arrests resulting from the march. This will come as a reminder to the Government that there is still some serious concerns surrounding the price of tui-

tion fees, three years after the cap was increased three-fold to £9000. Students up and down the country at a variety of universities are not happy with the service they receive, especially since the increase in 2012. The Daily Mail recently reported that graduates face being turned down for mortgages over high debt repayments as mortgage lenders are now required to take into account student loan debt when considering applications. The article in The Independent

Image by Flickr user Andrew Moss

also showed that 73 per cent of graduates will still be paying back their loans after 30 years, according to the commission’s study which used a wide range of figured from separate research. It is clear that a new system needs to be developed whereby both students and the public finances do not suffer and a healthy balance can be brought to tuition fees.

Inside: The Ripple’s Christmas Special

Opinion

Features

What’s On

Culture

Lifestyle

Sport


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.