Student debt is crushing our young people’s dreams
24 November, 2017
• UNIVERSITY tuition fees and living cost loans amount to about £47,000 for three years, but a lot of deprived students would have to borrow around £60,000.
Accommodation for students is mainly private and set at market rates, often at least £600 a month in university cities for basic shared accommodation. Loans do not cover all living or accommodation costs.
Often students rely on parents topping up, which can run into many thousands of pounds. If one of the parents loses their job it could prove disastrous. When students leave university they will more than likely do an unpaid internship for at least two years to gain experience.
Meanwhile interest payments on loans is like being in a stationary taxi with the meter running, as no repayments are being made. When they start earning, they will be on a low starting wage. The interest could be clocking up at £12 a day.
Young people’s dreams and aspirations are being crushed by the enormous debt burden of university. Labour policies are correct – tuition fees should be ended and grants brought back.
There is plenty of wealth here and it just needs rechannelling, as a civilisation should do. A well-educated population with new ideas, and the skills to put them into practice, is the only way Britain will prosper.