There are now countless students who are drowning in their student loans after graduating from college. Even though they have already been working for quite a long time, they may still being paying a large portion of these debts. Now there is a brand new student loan scheme being proposed, but a considerable number of people are against it due to the possibility that it can cause students to owe the educational sector even more money.
There are currently three payment schemes for tertiary education in the United Kingdom, according to reports from the Department of Education. These include "free fees," a 3,000-euro registration fee, or a study now and pay later sort of system. However, the price of education may soon increase at an unfortunately unprecedented rate. This may make it harder for students to attain higher education.
Over the next 15 years, it is said that higher education institutions in the United Kingdom will need an extra 1 billion euros to keep steady. What's worse is that they need about 60% of this money already within the next five years. Publicly funded and free education is still possible, according to Annie Hoey, the president of the Union of Students in Ireland. She cited the availability of this in other countries in the European Union as a reason to rule out its impossibility, per the Belfast Telegraph.
There must be immediate action with a specific goal to remedy the worsening financial situation of higher education. The problem is that the loan system may put off a large number of students from going to college completely. This would make it more difficult to normalize the lacking student to teacher ratios in the United Kingdom's tertiary education sector. If ever this ratio would be normalized, the money problem in higher education will slowly, but surely be eradicated.
If you're taking out any kind of loan always make sure to compare credit through a fee-free loan comparison site like UpMoney or similar to make sure you're paying the lowest possible rate.
