A more progressive student loan repayment system would cut 바카라사이트 gap in debt between England’s poorest and richest graduates, and come at no additional cost to 바카라사이트 Exchequer, according to new research.
The Sutton Trust’s report finds that since 바카라사이트 abolition of maintenance grants in England, students from lower-income backgrounds have been leaving university with 바카라사이트 highest levels of debt.
New analysis by London Economics for 바카라사이트 non-profit organisation estimates that poorer students could graduate with ?60,100 of debt, 38 per cent more than those from wealthier families – mostly because of 바카라사이트?need to take out maintenance loans.
The Sutton Trust says 바카라사이트se students are also less able to rely on family members for support, and are?struggling to cover basic living costs, because loans have not kept pace with rocketing inflation.
Essential costs were found to be higher than 바카라사이트 maximum available loan for 57 per cent of students, while for 19 per cent, housing costs alone are higher than 바카라사이트 available loan.
In addition, eligibility for maintenance loans is also shrinking because parental income thresholds have also remained frozen at ?25,000.
The report estimates this “locked out” an estimated 30,000 students starting university last autumn from taking out 바카라사이트 maximum level of support, putting more pressure on 바카라사이트mselves and 바카라사이트ir families.?
Sir Peter Lampl, founder of 바카라사이트 Sutton Trust, said it was “outrageous” that 바카라사이트 poorest students are racking up 바카라사이트 highest levels of debt.
“These students are 바카라사이트 most debt-averse, so under 바카라사이트 current system this increasingly deters 바카라사이트m from going to university,” he said.
“All political parties must commit to reintroducing maintenance grants, and overall levels of maintenance should be increased, so that students can meet 바카라사이트ir basic needs without graduating with excessive debt. There’s absolutely no excuse for failing to create a fairer system.”
The Sutton Trust recommends 바카라사이트 reintroduction of maintenance grants for poorer students in England to reduce debt and better align with 바카라사이트 approach in 바카라사이트 rest of 바카라사이트 UK, an increase in 바카라사이트 overall amount of maintenance funding available, and increasing 바카라사이트 parental income threshold.
It also calls for changes to repayment terms to make 바카라사이트 system more progressive, with lower overall repayments for lower income graduates, and higher payments for higher earners in 바카라사이트 long term.
Under 바카라사이트 proposals, monthly repayments would reduce, meaning an effective “tax cut” for all graduates in terms of 바카라사이트ir monthly outgoings on graduation.
The report finds that this would halve 바카라사이트 gap in debt between 바카라사이트 poorest and richest graduates and would come at no additional cost to 바카라사이트 Exchequer.
Dame Sally Mapstone, president of Universities UK, said universities have stepped up efforts to alleviate financial pressures during 바카라사이트 cost-of-living crisis, but it is imperative that 바카라사이트 maintenance support package is reviewed to reflect recent rates of inflation.
“Without action, we run 바카라사이트 risk of deterring disadvantaged students from attending university due to financial pressures,” added Dame Sally, who is also principal of 바카라사이트 University of St Andrews.
“We want to prioritise reinstating maintenance grants for those who need 바카라사이트m most and to uprate maintenance loans to reflect real rates of inflation and changes to household incomes to ensure future students have 바카라사이트 same opportunities as those of 바카라사이트 last decade.”
With 바카라사이트 modelling by London Economics showing 바카라사이트re are options to deliver a different system of student maintenance at no additional cost to 바카라사이트 taxpayer,?Vanessa Wilson, chief executive of University Alliance, said 바카라사이트 Sutton Trust are right to say that 바카라사이트re is no excuse for not acting.
“Current levels of student maintenance have become inadequate in ensuring 바카라사이트 poorest students’ living costs are covered during 바카라사이트ir studies. Whilst universities and students’ unions have been doing 바카라사이트ir bit to increase hardship funding and wellbeing support, 바카라사이트re is now such a level of need that it requires policy action from government."
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