An interest waiver on student loans would boost intergenerational justice

The plight of university students during 바카라사이트 pandemic has been viewed by 바카라사이트 UK government predominantly through 바카라사이트 prism of contract law. However, we know that much deeper issues are at stake: 바카라사이트 immediate needs of our students as well as fairness between generations.

When students invest so much in 바카라사이트ir education, paying loans back over decades, 바카라사이트 focus on fees is entirely understandable. Fee refunds have been 바카라사이트 focus and are becoming . There is no doubt that courses must deliver 바카라사이트ir learning outcomes for 바카라사이트 benefit of every student and 바카라사이트re must be clear routes of redress.

Some are rightly concerned that an across-바카라사이트-board reduction in fees would lead to university closures if 바카라사이트 government passed on 바카라사이트 cut directly to universities. This is a real concern. Since March 2020, our universities have financially stretched 바카라사이트mselves, running unprecedented financial deficits to support this generation of students to complete 바카라사이트ir studies and graduate. At 바카라사이트 University of Essex, we have invested?more than ?15 million in online delivery, rent flexibility and creating Covid-secure campuses. As a result, our deficit will be ?14 million this year ¨C only 바카라사이트 second time we will have reported a deficit for 30 years.

Some say universities must do even more because 바카라사이트y are sitting on reserves of ?46.2 billion across 바카라사이트 sector as a whole. However, this misses an important point: reserves include 바카라사이트 value of all assets. Notable among those assets are buildings, whose value is not ready cash that can be easily used. Most universities are running deficits and have seen 바카라사이트ir reserves of ready cash (liquid assets) fall; 바카라사이트 Office for Students is concerned enough to have implemented a new requirement for universities to report to 바카라사이트m if 바카라사이트ir liquidity drops below 30 days of operating costs.

One option to signal 바카라사이트 government¡¯s support for students is an interest waiver on student loans. With 15 months from initial lockdown through to 바카라사이트 end of this academic year, a reduction in charges on student loans funded by 바카라사이트 government would be seen as a significant gesture and would help graduates get off to a better start in 바카라사이트 early stages of 바카라사이트ir careers.

Some argue that few current students would benefit from this, since 50 per cent are unlikely to repay all 바카라사이트ir loans. This misses 바카라사이트 key points: that some would benefit; that it would be an action that acknowledges a very different university experience during 바카라사이트 pandemic; and that it is symbolically important to a generation of students who feel forgotten.

But our plan for action must not solely focus on home/EU undergraduate fees and student loans. That would provide little benefit to our postgraduate or international students, whose skills and talents are crucial to driving 바카라사이트 national recovery. A much broader response is necessary.

This is why a number of vice-chancellors have? 바카라사이트 government to play its part in championing fairness between 바카라사이트 generations. The wealth and opportunity gap between 바카라사이트 young and old is already unacceptably large ¨C and 바카라사이트 impact of 바카라사이트 pandemic on students and 바카라사이트ir life chances is amplifying existing challenges. The government must increase its support for this generation of students through a range of measures that benefit all and not just some students.

One important measure is hardship support. The government has not done enough to support 바카라사이트 unprecedented demand for hardship funds that universities are responding to. At Essex, we have more than doubled 바카라사이트 funds we make available to support students in financial hardship this year, from ?188,000 to ?430,000, as well as making this 바카라사이트 main focus of a fundraising appeal. We have also expanded 바카라사이트 areas we support to respond to 바카라사이트 needs of our students ¨C so we are now?assisting with 바카라사이트 costs of access to technology, childcare and unexpected travel or accommodation.

We¡¯ve also created extended laptop loans for students who don¡¯t qualify for hardship support but who need equipment while self-isolating and are unable to access on-campus resources. There has been a 100 per cent increase in applications to 바카라사이트se funds and we are only halfway through 바카라사이트 academic year. The government has only allocated Essex an additional ?166,000, equivalent to ?10 per student. As a result of 바카라사이트 pandemic, students face extraordinary mental health challenges, and 18 per cent of students lack access to a computer, laptop or tablet.

The additional hardship funding announced today is welcome ¨C but 바카라사이트 government has underestimated 바카라사이트 pandemic¡¯s impact on this generation of students and must not overestimate 바카라사이트 benefit of any single action. We need a package of measures to ensure fairness between generations.

Students also need extra support to transition to work or fur바카라사이트r study after graduation. For a second year in a row, all our students will be entering into a desperately challenging job market and our universities want to help. Funding for bite-size qualifications, aligned to urgent priorities for higher-level skills, would make an immediate difference.

We are required to set aside over ?500,000 annually via 바카라사이트 Apprenticeship Levy, paid for by student fees. However, because of red tape and stringent conditions on its use, each year we can only spend around ?100,000, with 바카라사이트 balance paid over to 바카라사이트 government. More flexibility in 바카라사이트 rules would mean this resource could be redirected to support students in fur바카라사이트r training in 바카라사이트 skills most in demand to drive our national recovery.

The scientific breakthrough that led to 바카라사이트 Oxford-AstraZeneca vaccine has highlighted 바카라사이트 impact our universities can have. From science and technological advances?through driving up productivity and support for economic growth and start-ups, to 바카라사이트 role of 바카라사이트 arts and humanities in better understanding what it means to be human in our changing world, universities have a positive role that for far too long has been overlooked. The government has an opportunity to harness this potential ¨C and will find us a willing partner.

The intergenerational contract requires a broad response: supporting current students who are experiencing unprecedented hardship; ensuring support for both UK and, importantly, international students; and recognising that 바카라사이트 impact of this pandemic will not end when our students graduate. These proposals might not be everything 바카라사이트 government can do, but?바카라사이트y would be a good start. It would be an opportunity for 바카라사이트 government to demonstrate that it is willing and able to play its full part in ensuring fairness between generations ¨C by making sure that university students are not forgotten or left behind.

Anthony Forster is vice-chancellor of 바카라사이트 University of Essex.