Three quarters of graduates will never pay off their student loan
New research released by the Institute for Fiscal Studies (IFS) has revealed that a majority of students will still be paying off their student debt well into their 50’s, whilst up to three quarters of all graduates will probably never pay off their debt.
Changes that were initially introduced by the coalition government back in 2012 were meant to help disadvantaged students access higher education and encourage those from lower incomes to apply to university.
This helped application rates, however, due to changes which replaced grants with maintenance loans the changes resulted in students from low-income families graduating with the highest debt levels of more than £57,000.
A report by The Independent regarding the revelations said that “Expected repayments from the lowest-earning third of graduates have increased by about 30% since 2012, while repayments by the richest third rose by less than 10%.”
The issue is a real concern for the government who, despite public proclamations of the opposite, have done very little to reassure students who are concerned with the high cost of studying. It remains in the interest of student landlords for students to be robustly financially supported in order for them to be able to afford adequate accommodation during their studies.
Less than a third of students think their degree is good value
On the subject of financial value within the higher education sector, The Guardian have cited a survey by the newly created Office for Students (OfS) which revealed that almost two thirds of students don’t feel that their degree is ‘value for money’.
According to the paper, just 38% of those surveyed either mostly or definitely agreed with the statement: “The tuition fees for my course represents/represented good value for money.” A larger proportion, 44%, mostly or definitely disagreed, and 8% said they neither agreed nor disagreed.
The main crux of the dissatisfaction, it was claimed, was the lack of transparency regarding how universities spend student’s tuition fees. With the recent issues regarding lecturer’s pensions that led to widespread strikes, many feel that the high fees they pay aren’t always used appropriately.
That, coupled with government changes to funding, has sewed apparent discontent amongst students who feel that they’re exploited. Once again, it’s in the interests of student landlords for the government to address these issues to ensure that present and future students feel they’re getting the most for their money in order to be able to afford accommodation moving forward and to ensure that student application numbers aren’t significantly affected.
Overall, however, most students agree that their experiences of university and higher education as a whole have been resoundingly positive, citing the experience of meeting new people and learning as the most positive aspects of being a student.
Historically, lack of provision for quality accommodation has been a fairly consistent issue amongst undergraduates but with the private sector increasingly getting involved in the provision of quality accommodation that gripe appears to have, in the main, been addressed.
Profits and popularity for Purpose Built Student Accommodation (PBSA) has been soaring in recent years with new projects appearing regularly in the main city centres and large university towns.
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