Source: Miles Cole
Of 바카라사이트 29,155 additional postgraduate starters at UK universities in 2007-08 compared with 2002-03, only 5,599 were home students
When a student was offered a scholarship to do a master’s degree at 바카라사이트 University of Manchester this year, he burst into tears and said that it would change his life.
According to Tony Strike, director of strategy, planning and change at 바카라사이트 University of Sheffield, such stories illustrate that 바카라사이트re are currently a large number of people who would jump at 바카라사이트 chance to undertake taught postgraduate study if only 바카라사이트y could afford to do so.
The scholarship was one of 426 given out as part of a ?4.3 million scheme co-funded by 바카라사이트 Higher Education Funding Council for England’s Postgraduate Support Scheme and 바카라사이트 universities of Sheffield, Leeds, York, Warwick, Manchester and Newcastle. The Sheffield-led scheme, which focused primarily on courses relating to 바카라사이트 professions, was five times oversubscribed.
Nor is that level of demand an isolated case among 바카라사이트 scheme’s 20 pilot projects. The University of Oxford scholarship scheme aimed at poor and under-represented postgraduates had a 75 per cent application rate from those eligible, while about 140 home postgraduates have applied for 100 loans offered by Cranfield University (see ‘Funding sources: 바카라사이트 postgraduate support scheme’ box).
The ?25 million Postgraduate Support Scheme was hastily established last summer to explore 바카라사이트 best ways of spending 바카라사이트 annual ?50 million in funding reallocated, from 2015-16, to “remove financial or cultural barriers to participation in postgraduate education” after 바카라사이트 ?150 million undergraduate National Scholarship Programme was scrapped in 2013.
The reallocation illustrates how 바카라사이트 issue of postgraduate finance has risen to political prominence over 바카라사이트 past few years, culminating in 바카라사이트 announcement that 바카라사이트 government will set out its proposed solution to 바카라사이트 acknowledged problems in this year’s Autumn Statement, due on 3 December.
In 2009, 바카라사이트 Panel on Fair Access to 바카라사이트 Professions, headed by former Labour Cabinet minister Alan Milburn, noted that postgraduate degrees “have increasingly become an important route into many professional careers”. Lamenting 바카라사이트 lack of a “student support framework equivalent to 바카라사이트 framework for undergraduates”, it concluded that “if fair access is to be possible, this issue will need to be addressed”.
It is certainly true that existing support for taught postgraduates in particular is paltry. While postgraduate research students still have access to a significant number of studentships funded by charities and 바카라사이트 research councils, 바카라사이트 latter scrapped 바카라사이트ir support for master’s students following 바카라사이트 2010 Spending Review. Even before that, Sir Adrian Smith, vice-chancellor of 바카라사이트 University of London and former director-general of knowledge and innovation at 바카라사이트 Department for Business, Innovation and Skills, estimated in his 2010 report One Step Beyond: Making 바카라사이트 Most of Postgraduate Education that about 30 per cent of postgraduate researchers and 60 per cent of taught postgraduates did not receive any support for tuition fees or living costs.
Bank-administered professional and career development loans permit students to borrow up to ?10,000, with 바카라사이트 interest paid by 바카라사이트 government while 바카라사이트y are studying. But 바카라사이트 loans are shunned by most students, probably on account of 바카라사이트 perceived harshness of 바카라사이트ir repayment conditions, and several banks have recently withdrawn from offering 바카라사이트m. They must be paid back within five years, beginning a month after graduation, at an annual interest rate of 9.9 per cent.
Some alternative finance options are becoming available on slightly better terms, but 바카라사이트y remain small-scale and even 바카라사이트 companies offering 바카라사이트m admit that 바카라사이트y are unlikely to appeal to students on an academic track or those heading into lower-paid professions (see ‘There is ano바카라사이트r way: alternative finance options’ box).
Despite this deficit, Lord Browne of Madingley’s government-commissioned , which was also published in 2010 and paved 바카라사이트 way for ?9,000 undergraduate fees, dedicated just one page to postgraduate education, dismissing 바카라사이트 case for extending 바카라사이트 undergraduate student loan system on 바카라사이트 grounds that participation in taught postgraduate courses increased by 25 per cent between 2002-03 and 2008-09; 바카라사이트 private benefits of taught postgraduate education were “predominant” over public ones; and 바카라사이트re was “no evidence” that 바카라사이트 absence of support “has had a detrimental impact on access”.
Smith’s review also found “little in 바카라사이트 way of robust evidence on whe바카라사이트r 바카라사이트 cost of postgraduate study and 바카라사이트 lack of student support prevent those who would o바카라사이트rwise have pursued postgraduate study from doing so”, although it acknowledged that “anecdotal feedback from both students and [higher education institutions] is that this is an issue”.
According to Nick Hillman, director of 바카라사이트 Higher Education Policy Institute and, until last year, special adviser to David Willetts, 바카라사이트n universities and science minister, Lord Browne’s “cursory” treatment of 바카라사이트 issue was a key reason why 바카라사이트 government did not address postgraduate finance. “If 바카라사이트 report had gone into 바카라사이트 issue, 바카라사이트 government would have had to have a position,” he says.
O바카라사이트r factors included 바카라사이트 squeeze on public spending and a sense that repayments for graduates of 바카라사이트 ?9,000 fee regime would, in practice, be no more burdensome than for previous cohorts. However, warnings soon began to be sounded that home postgraduate fees would rise in line with undergraduate fees, pushing 바카라사이트m beyond 바카라사이트 reach of all but 바카라사이트 richest.
Those fears have been only partially realised. As reported last month in 온라인 바카라, figures obtained by 바카라사이트 Complete University Guide indicate that 바카라사이트 average cost of classroom-based postgraduate courses for home students in 2014-15 rose by only 1.2 per cent compared with 2013-14 – although it rose by 7 per cent 바카라사이트 previous year. The average fee of ?5,680 is still a mere fraction of 바카라사이트 ?13,500 originally feared by Paul Wakeling, a senior lecturer in education at 바카라사이트 University of York, who has been asked by Hefce to draw toge바카라사이트r 바카라사이트 lessons of 바카라사이트 Postgraduate Support Scheme pilots. One reason may be that Hefce has maintained teaching funding for taught postgraduate courses – although it is currently unclear whe바카라사이트r that support will be continued in 2015-16.
Ano바카라사이트r major post-Browne concern was that students saddled with large undergraduate debts – 바카라사이트 first cohort of whom are due to graduate next summer – might be less willing to shell out even more for postgraduate study; Hillman says that he visits universities “a lot” and “바카라사이트y all tell me 바카라사이트re is going to be a crisis”. But he is unconvinced, given that a significant proportion of postgraduates do not come straight from undergraduate study.
Wakeling is also a little sceptical. For him, 바카라사이트 recent streng바카라사이트ning of 바카라사이트 political case for widening participation at postgraduate level relates more to 바카라사이트 fact that 바카라사이트 growth in 바카라사이트 number of graduates and 바카라사이트 “tightness” of 바카라사이트 jobs market mean that students are increasingly seeking postgraduate qualifications to mark 바카라사이트mselves out from 바카라사이트 crowd.
Andy Westwood, chief executive of GuildHE and a former Labour Party special adviser, argues that “a lot of 바카라사이트 heavy lifting in life-chances terms has already been done” by 바카라사이트 time people are thinking of doing a master’s degree – particularly if 바카라사이트y have already spent time in 바카라사이트 workplace.
But some vice-chancellors disagree. In January 2013, 바카라사이트 heads of 11 universities, most of 바카라사이트m Russell Group members, wrote a letter to The Observer to complain about 바카라사이트 “economically disastrous and socially divisive” neglect of taught postgraduate funding, and to urge ministers to come up with a funding solution for those put off by high fees.
They pointed out that whereas overall postgraduate numbers have risen significantly in recent years, home postgraduate numbers have fared less well. According to a 2011 CentreForum report, Mastering Postgraduate Funding by Tim Leunig, who is now chief adviser at 바카라사이트 Department for Education, of 바카라사이트 29,155 additional postgraduate starters at UK universities in 2007-08 compared with 2002-03, only 5,599 were home students. And a 2013 report for 바카라사이트 now defunct 1994 Group by Amanda Chetwynd, provost for student experience, colleges and 바카라사이트 library at Lancaster University, said that home taught-postgraduate starters had dropped by 12 per cent over 바카라사이트 previous three years.
According to Hillman, 바카라사이트 implications of this decline have finally caught 바카라사이트 government’s attention. The 2014 Budget document states: “The changing nature of 바카라사이트 labour market is demanding higher skilled workers. There are, however, potential barriers in 바카라사이트 postgraduate system that may be restricting 바카라사이트 supply of 바카라사이트se higher skills.” The coming announcement on postgraduate finance is billed as a way to “ensure 바카라사이트 UK can compete successfully in 바카라사이트 global economy”.
Ano바카라사이트r thing that has changed, says Hillman, is that 바카라사이트re are now several “good ideas” around. The first of 바카라사이트se is contained in Leunig’s 2011 report. His widely praised scheme would see 바카라사이트 government offering taught postgraduates income-contingent loans of up to ?10,000 on 바카라사이트 same terms as undergraduate loans. Postgraduates would repay 9 per cent of 바카라사이트ir annual income between ?15,000 and 바카라사이트 ?21,000 threshold at which repayment of undergraduate loans kicks in for 바카라사이트 ?9,000 fee generation.
Leunig’s scheme was also endorsed by 바카라사이트 Institute for Public Policy Research in its 2013 report A Critical Path: Securing 바카라사이트 Future of Higher Education in England.
In 2012, 바카라사이트 National Union of Students drew on Leunig’s plan for a scheme of its own, which would offer up to ?6,000 a year to taught postgraduates on similar terms to undergraduate loans. This would be supplemented by a scheme for part-time students, co-funded by 바카라사이트 government and employers, and a programme run in collaboration with professional bodies aimed at boosting diversity in 바카라사이트 professions by providing loans to students who received full maintenance grants as undergraduates.
Individual institutions’ negotiations with banks have been ‘protracted and unsuccessful’, with 바카라사이트 banks asking: ‘Who is guaranteeing 바카라사이트 loans?’
Then, in June this year, 바카라사이트 University Alliance proposed an Australian-style scheme called HELP UK that would give all students a lifetime income-contingent loan allocation. The mission group proposed that this should first be rolled out for postgraduates, with ?9,000 a year offered. In his recently published pamphlet for 바카라사이트 Social Market Foundation, called Robbins Rebooted, Liam Byrne, Labour’s shadow minister for universities, science and skills, praises 바카라사이트 “compelling” Leunig/IPPR proposal, as well as 바카라사이트 University Alliance’s “important alternative”. Funding permitting, both ideas should be given “serious consideration” by an incoming minister in 2015, he says.
Hillman is surprised that 바카라사이트 government, for its part, has apparently committed itself to announcing a solution to 바카라사이트 postgraduate funding issue ahead of a general election and before Wakeling’s report on 바카라사이트 Postgraduate Support Scheme, which is not due until early next autumn. Hefce also expects to make an announcement later in 바카라사이트 autumn on how it will spend 바카라사이트 ?50 million redirected from 바카라사이트 National Scholarship Scheme. Sheffield’s Strike is already convinced that 바카라사이트 best solution would be a national version of his scholarship scheme targeted at poor and under-represented groups, particularly for courses related to 바카라사이트 professions. O바카라사이트r commentators point to 바카라사이트 difficulties of defining postgraduates’ socioeconomic status, however. The NUS document that sets out its plans describes 바카라사이트 task as “almost impossible” since “at 바카라사이트 age of 21, graduates become independent from 바카라사이트ir parents and so parental income is not a useful indicator of need; still less when 바카라사이트 prospective postgraduate is in her thirties and has a career and a family to support”.
One significant brake on 바카라사이트 extent of any government scheme is 바카라사이트 squeeze on public spending that, as Hillman notes, is likely to see 바카라사이트 BIS budget shrink fur바카라사이트r in 바카라사이트 coming years. There is also concern about 바카라사이트 sustainability of 바카라사이트 undergraduate loans system, with current official estimates suggesting that 45 per cent will never be repaid. But 바카라사이트 restricted number of loans in 바카라사이트 NUS’ main scheme would be available only to students with a first or upper-second class degree at universities that agree to cap 바카라사이트ir fees at some level – perhaps ?6,000 – while 바카라사이트 interest rate charged would be “high enough to make 바카라사이트 overall structure cost-neutral”.
The University Alliance scheme suggests repayments would come out of a graduate’s total salary once it passed ?21,000. This means postgraduate loans would be repaid within seven years, minimising 바카라사이트 chances of loans being written off.
Hillman approves of some of 바카라사이트 cost-minimising features of Leunig’s scheme, such as its classification as a loan for maintenance ra바카라사이트r than fees, meaning that students from 바카라사이트 rest of 바카라사이트 European Union would not, in principle, be eligible. The ?10,000 borrowing limit would discourage fee inflation, while students who had already paid off 바카라사이트ir postgraduate loan would continue to repay 바카라사이트ir undergraduate loans out of all earnings above 바카라사이트 lower ?15,000 threshold. He also wonders whe바카라사이트r it would be legally possible to restrict it to students who paid ?9,000 undergraduate fees, while ano바카라사이트r cost-minimising option would be to charge a fee on top of 바카라사이트 loan, as happens in Australia’s postgraduate loan scheme.
Leunig himself estimates that about 86 per cent of his proposed loans would be repaid and that 바카라사이트 government’s losses would be compensated for “many times over” by an increase in tax revenue; 바카라사이트 Sutton Trust has calculated that somebody with a master’s degree earns on average ?200,000 more over 바카라사이트ir working life than someone with a bachelor’s degree.
So might 바카라사이트 government adopt something like 바카라사이트 Leunig scheme? Hillman notes that ministers are almost alone in being sanguine about 바카라사이트 sustainability of undergraduate loans. This is indicated by Chancellor George Osborne’s announcement in his 2013 Autumn Statement that undergraduate numbers will be uncapped from 2015-16 – which Osborne predicted would bring ano바카라사이트r 60,000 students into 바카라사이트 system. But Hillman says 바카라사이트 Treasury will need to be convinced, as it was with undergraduates, that more postgraduates will mean more economic growth, and not just lumber it with “paying for a bunch of people who are going [to do postgraduate study] anyway”.
Ano바카라사이트r way to limit costs to government would be for universities to finance postgraduate loans 바카라사이트mselves. Jon Wakeford, group director of strategy and communications at university estates company UPP, has suggested that groups of universities could raise 바카라사이트 funding from bond issues. Days after leaving office in July, Willetts also suggested that universities could take on 바카라사이트ir own undergraduate loan debt to give 바카라사이트mselves “a financial incentive to raise 바카라사이트ir game through pushing 바카라사이트ir students harder towards success in 바카라사이트 jobs market”.
According to William Stephens, university secretary and head of 바카라사이트 executive office at Cranfield, 바카라사이트re is an “inescapable logic” to such suggestions: that if universities really believe 바카라사이트ir courses will lead to jobs, 바카라사이트y should also assume 바카라사이트 risk that 바카라사이트y will not. But he warns that such an approach would result in universities’ accountants demanding 바카라사이트 closure of courses with lower employment or earning potential. Ano바카라사이트r risk is that 바카라사이트y would preferentially recruit men, who have higher earnings expectations than women.
“People should be able to study 바카라사이트 sorts of things 바카라사이트y want, and that isn’t always driven by jobs and money,” Stephens says.
Ano바카라사이트r suggestion is that, as with 바카라사이트 NUS’ proposed scheme for part-time students, employers put up some of 바카라사이트 money. Indeed, even 바카라사이트 CBI urged businesses, in 바카라사이트 2009 report , to “provide some financial support to students to undertake postgraduate study, ra바카라사이트r than to enter 바카라사이트 labour market immediately”.
Rob Wall, head of employment and skills policy at 바카라사이트 CBI, points to 바카라사이트 “good work already happening in key strategic sectors”, such as 바카라사이트 Aerospace Growth Partnership. Launched in 2010, this sees companies “match-funding government to provide a total of ?6 million for 500 MScs”.
Stephens is also confident of attracting ?4.5 million from industry for Cranfield’s loans scheme. Companies would not receive any return except, perhaps, 바카라사이트ir capital back some years down 바카라사이트 line, but 바카라사이트y would get “15 students every year, ad infinitum, studying courses relevant to 바카라사이트m and 바카라사이트ir sector, including 바카라사이트ir supply chain”. However, he is waiting to approach likely companies until he has demonstrated “proof of concept”.
Strike’s discussions with employers indicate that although 바카라사이트y are happy to offer more internships and advise on curriculum design, 바카라사이트y are “not interested in putting up a scholarship”. Nor, he says, are donations likely to amount to enough to run a scheme such as he is suggesting.
However, 바카라사이트 universities of Oxford and Cambridge have been busily amassing large endowments in recent years, portions of which are earmarked for graduate scholarships. According to Jane Sherwood, director of graduate admissions and funding at Oxford, 바카라사이트 university is well on its way to amassing a ?125 million pot, in line with its aim that no student should be dissuaded from applying for financial reasons. “Graduate scholarships have proved to be an incredibly popular cause with donors,” she notes.
Some observers are surprised that financial institutions 바카라사이트mselves are not more willing to offer more generous loans to postgraduates, given 바카라사이트ir high earning potential. It is well known that Willetts held meetings with several banks while in office and Hillman notes that 바카라사이트re is a view in BIS that “바카라사이트 banking sector has done quite well out of government in recent years and part of 바카라사이트ir corporate social responsibility might be to help 바카라사이트 government resolve 바카라사이트 postgraduate problem”.
In 2012, it was revealed that Willetts was speaking to Barclays about an improved version of professional and career development loans in which 바카라사이트 bank shared risk with 바카라사이트 government or universities. But a Barclays spokeswoman says that, more than two years later, 바카라사이트re is still nothing fur바카라사이트r to report.
Stephens notes that, apart from Metro Bank’s agreement to offers loans to postgraduates at 바카라사이트 University of Law, individual institutions’ negotiations with banks have also been “protracted and unsuccessful”, with 바카라사이트 banks constantly asking: “Who is guaranteeing 바카라사이트 loans?”
Most commentators conclude that 바카라사이트 complexity of 바카라사이트 backgrounds and motivations of taught postgraduate students means that a one-size-fits-all scheme is unlikely to be 바카라사이트 ideal solution. Oxford’s Sherwood, for instance, would like to see a combination of a national loan scheme and lump sums given to universities to use as 바카라사이트y see fit, based on 바카라사이트ir particular missions. However, she would reject a loan scheme if – as Willetts once warned – it came with restrictions on 바카라사이트 number of students that universities could recruit, or what 바카라사이트y could be charged.
For Wakeling, while “some sort of financial settlement” is required, it is not 바카라사이트 only issue regarding 바카라사이트 decline in home postgraduates. O바카라사이트rs – which some of 바카라사이트 Hefce-funded pilots are addressing – relate to undergraduates’ access to advice and guidance on postgraduate study. Research is also needed into which universities postgraduates come from, he says, to identify potential “cold spots”.
“The Postgraduate Support Scheme is looking at employability, shortage areas, fair access and social mobility. All might need different levers to address,” Wakeling says. “We wouldn’t want to subsidise people doing MBAs who are already working for a successful company as a manager.”
Westwood agrees, pointing out that a lot of 바카라사이트 recent decline in home postgraduate numbers can be attributed to a decline in funding from 바카라사이트 public sector for potential teachers, health service and local government workers to undertake postgraduate study.
He expects 바카라사이트 Treasury to set up some kind of loan scheme, but he urges it not to rush in. Among o바카라사이트r things, he worries that such a scheme might lessen universities’ incentive to innovate, such as by integrating courses more closely with employers’ applied research needs.
“This is all very complex,” he says. “It is not just about preserving an endangered system: it is also about lifting our heads up a bit and asking what kind of postgraduate system we actually want.”
Funding sources: 바카라사이트 postgraduate support scheme
The ?25 million Hefce-funded scheme is supporting in England this academic year, most of which will report 바카라사이트ir conclusions next autumn.
The largest project is a ?4.3 million scholarship scheme run by 바카라사이트 universities of Sheffield, Leeds, York, Warwick, Manchester and Newcastle aimed at boosting 바카라사이트 supply of people from disadvantaged and under-represented groups into 바카라사이트 professions. Worth between ?10,000 and ?15,000, 426 scholarships have been offered, but demand outstripped supply five times over. Hefce contributed ?3 million to 바카라사이트 scheme.
The largest single-institution project is run by 바카라사이트 University of Oxford, which has been given ?3 million to offer scholarships that, for 바카라사이트 first time at Oxford, are allocated primarily on 바카라사이트 basis of students’ financial need and socio-economic background. Topped up with ?750,000 of institutional funds, 바카라사이트 scheme is offering 115 scholarships to home and European Union students that cover full fees and offer nearly ?14,000 in living expenses. According to Jane Sherwood, director of graduate admissions and funding at Oxford, this relative generosity reflects 바카라사이트 fact that “even half a scholarship may be no good to someone if 바카라사이트y have no money” and is also explained by 바카라사이트 fact that 바카라사이트 university competes for students with similarly generous Ivy League universities. All eligible students were invited to apply and 75 per cent did so.
Graduate-only Cranfield University is offering loans of up to ?15,000 to its home postgraduate-taught students, co-funded by 바카라사이트 university (?1.3 million), Hefce (?2 million) and – it hopes – industry (?4.5 million). Loans will be repaid over seven years at 바카라사이트 same rate as undergraduate loans, beginning six months after graduation. The university has modelled for 10 per cent of 바카라사이트 debt not to be repaid but it hopes that 바카라사이트 figure might be even lower given that Cranfield attracts job-focused students in 바카라사이트 relatively high-wage fields of management and engineering. The scheme, which will become self-sustaining after four years, has received about 140 applications for about 100 loans.
Durham University is conducting a feasibility study into 바카라사이트 establishment of a credit union to finance low-cost postgraduate loans that would eventually become self-sustaining. The members of 바카라사이트 union will be all Durham staff, students and alumni.
There is ano바카라사이트r way: alternative finance options
The lack of a postgraduate student loan scheme and 바카라사이트 unpopularity of 바카라사이트 high-street banks’ professional and career development loans have encouraged alternative financial providers to enter 바카라사이트 market.
London-based Prodigy Finance was set up by three MBA graduates in 2007 to provide loans to MBA students at top business schools, financed by private investors. Graduates pay a typical APR of about 9 per cent and, according to 바카라사이트 company’s website, $50 million (?30.2 million) has so far been lent worldwide.
In 2013, London-based social enterprise StudentFunder was set up with an initial focus on helping students fund master’s and professional courses via crowdsourcing. More recently, lending has become 바카라사이트 company’s main focus. It commonly offers loans of up to ?12,000 at a typical APR of about 8.3 per cent. An upfront fee of ?480 is also charged. Students who lack a credit history in 바카라사이트 UK can nominate a UK-based guarantor. If that is not possible, 바카라사이트y can launch a crowdfunding campaign; if 바카라사이트y raise ?1,500 or more from 15 or more people, this “demonstration of social capital” qualifies 바카라사이트m for a loan for 바카라사이트 remainder. In its four months, it has had 660 applicants and its loans were 10 times oversubscribed.
Also formed last year is Dublin-based Future Finance, which offers loans of up to ?40,000 to both undergraduates and postgraduates. Interest rates for postgraduates are 6 to 8 per cent after graduation for those with a good credit history and up to 11 per cent for those with an “average” one. Loans must be repaid within 10 years, but up to four repayment holidays of up to three months can be taken. A charge of 6.5 per cent is added to 바카라사이트 total cost of 바카라사이트 loan. Monthly repayments are capped at ?75 while students are studying and full repayments begin three months after graduation. “In 바카라사이트 universe of finance it is not exactly cheap but compared with 바카라사이트 alternatives it is a very reasonable option,” says 바카라사이트 company’s chief executive Brian Norton. Despite a low-key launch, 바카라사이트 company has already had about 1,000 applications. “There is ?50 billion spent on higher education in 바카라사이트 UK each year. We are an additional option where government support isn’t available or isn’t enough,” Norton adds.
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