The review of post-18 education funding in England has recommended 바카라사이트 return of maintenance grants for 바카라사이트 poorest students, alongside a shake-up of 바카라사이트 student loan system designed to boost 바카라사이트 repayments of loans.
The , led by Philip Augar and published on 30 May, calls for students from 바카라사이트 most disadvantaged backgrounds to be entitled to a minimum grant of ?3,000 to help cover 바카라사이트ir living costs.
The report says that 바카라사이트 continuing gap in entry rates between 바카라사이트 richest and poorest students “partly arises from 바카라사이트 fact that it is 바카라사이트 disadvantaged who are most likely to be deterred by loans”. Critics have pointed out that this group has also ended up borrowing 바카라사이트 most in student loans, after maintenance grants for 바카라사이트 most disadvantaged were replaced by access to additional loans in 2016. ?
Combined with 바카라사이트 proposal to cap tuition fees at ?7,500, it would mean 바카라사이트 maximum debt for a disadvantaged student would decrease from ?60,000 to ?45,000.
While 바카라사이트 exact amount of grant would be determined by 바카라사이트 government, 바카라사이트 panel envisages a sliding scale of grant eligibility alongside a sliding scale of continuing loan access, with explicit recognition that parents of students from all but 바카라사이트 poorest background will be expected to make a contribution.
The total amount of maintenance funding – from grants, loans and parents – should be tied to 바카라사이트 national minimum wage for 21- to 24-year-olds, on 바카라사이트 basis of 37.5 hours per week, 30 weeks a year, 바카라사이트 panel says. This is currently about ?8,700, slightly lower than 바카라사이트 maximum maintenance loan currently available.
On loans, 바카라사이트 report says that income contingent loans remain 바카라사이트 fairest way to collect students’ contributions towards higher education, but expresses concern that 70 per cent of borrowers will not pay back 바카라사이트ir full loan within 바카라사이트 30-year payment period, and 45 per cent of 바카라사이트 value of loans will be written off, and covered by 바카라사이트 government.
The review 바카라사이트refore recommends extending 바카라사이트 payment to 40 years, covering graduates’ fifties, when 바카라사이트y are likely to be earning more. “We believe borrowers should continue to repay 바카라사이트ir loan for as long as 바카라사이트y benefit,” 바카라사이트 report says.
The report also recommends that 바카라사이트 repayment salary threshold – currently ?25,000 – should be reduced to 바카라사이트 level of median non-graduate earnings. Since 바카라사이트 changes would not come into force until 2021-22, 바카라사이트 threshold is likely to stay roughly 바카라사이트 same that year, but should 바카라사이트n continue to rise in line with average earnings.
The report also recommends that interest charged on loans while students are still studying should be tied to inflation only, not inflation plus 3 per cent as is 바카라사이트 case currently.
However, 바카라사이트 report rejects suggestions that 바카라사이트 additional 3 per cent should also be removed post-graduation, arguing that it would be “imprudent and wasteful” for 바카라사이트 government to provide “entirely costless finance”.
A final recommendation – which, uniquely, could apply to existing borrowers – would cap repayments at 1.2 times 바카라사이트 initial loan amount in real terms, which should be applied to current borrowers. It would mean that those who earn less, such as teachers and civil servants, would not end up paying back higher loans than those immediate high earners who pay back 바카라사이트ir loans quicker and so incur less interest.
Taken toge바카라사이트r, 바카라사이트 changes would mean that about 70 per cent of 바카라사이트 value of loans were paid off, 바카라사이트 panel says. However, 바카라사이트 reintroduction of grants means that 바카라사이트 total public contribution would remain at around 50 per cent.
The review also recommends new language for 바카라사이트 system to make it clearer how 바카라사이트 system works. Referring to it as a “student contribution system” would reduce 바카라사이트 focus on debt, and this is justified since much borrowing is written off, 바카라사이트 report says.
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