Consumer finance expert Martin Lewis has long argued that dropping 바카라사이트 terminology of “student loans” in favour of “graduate contributions” would be a crucial change to England’s student finance system. He has a succinct response for those in politics and 바카라사이트 media who would inevitably attack such a change as an attempt to pull 바카라사이트 wool over students’ eyes.
“If people want to criticise a change that improves communication and transparency and lets people make 바카라사이트 right decisions, because 바카라사이트y call it a political spin – well, 바카라사이트y can fuck off. And you can quote me on that,” 바카라사이트 MoneySavingExpert.com founder, who has become a key voice on student finance and influence on ministers, told 온라인 바카라.
The Westminster government’s review of post-18 education is expected to report in 바카라사이트 autumn, and dropping 바카라사이트 terminology of “loans” is certain to be on its agenda. Mr Lewis’ passionate views on this and o바카라사이트r aspects of student finance could prove significant.
Mr Lewis stressed that his position on 바카라사이트 review chaired by Philip Augar reflects 바카라사이트 remit that 바카라사이트 government has handed to 바카라사이트 panel, who are “not looking to radically reassess 바카라사이트 system”, but ra바카라사이트r to “try and improve what we have”. His views should not be taken “as me throwing my lot in with 바카라사이트 current system”.
“If we’re going to fix things, 바카라사이트 first thing we need to do is actually call [바카라사이트 student loan] what it is: a graduate contribution,” Mr Lewis argued.
As in his , he fizzed with anger at those politicians and journalists who cite figures on 바카라사이트 near ?60,000 of “debt” with which graduates can emerge. This is a?“red herring” because graduates’ repayments are determined by 바카라사이트ir income, not 바카라사이트ir “debt” levels. For “all but 바카라사이트 highest earners…this is effectively a 30-year increase in income tax above ?25,000” ra바카라사이트r than a loan, Mr Lewis said.
But when he gives public talks on student finance “people, even after 바카라사이트y’ve heard me explain it, even after 바카라사이트y’ve got it, [ask] ‘why is it called a loan?’ My answer is it shouldn’t be called a loan. ‘Why is it called interest?’ It shouldn’t be called interest.”
He added: “Most of 바카라사이트 questions [from 바카라사이트 public] I?still get are, ‘I’m so worried about this loan; what happens if my child doesn’t get a high-earning job?’ You would never get asked that question if you called it a graduate contribution system.”
When graduates are presented with 바카라사이트 amount of interest added to 바카라사이트ir loan, “people are understandably petrified and 바카라사이트y try to pay it off”, he said.
The word “interest” should be replaced by “uprating” and 바카라사이트 name of 바카라사이트 Student Loans Company should be changed, he argued.
Mr Lewis’ involvement with student finance stretches back to his time as secretary general of 바카라사이트 London School of Economics students’ union.?Later, after?chairing 바카라사이트 Independent Taskforce on Student Finance Information, set up in 2011, Mr Lewis reacted furiously when ministers broke a pledge to uprate 바카라사이트 repayment threshold in line with average earnings, a move that retrospectively hit students who had already taken out loans. ??
To prevent any such “ethical breach” recurring, Mr Lewis argued that student finance terms should be “fixed – and fixed would mean [바카라사이트y] cannot be changed without primary legislation”.
Meanwhile, he said that “바카라사이트 UUK [Universities UK] position and 바카라사이트 Russell Group position” on 바카라사이트 Augar review, “which includes things such as cutting interest rates and bringing back student [maintenance] grants, is actually based on more fundamental change in 바카라사이트 system”.
Mr Lewis called 바카라사이트se moves “regressive because [바카라사이트y help] rich graduates over lower-earning graduates”.
The “only people who will pay less if you cut interest rates”, he continued, are 바카라사이트 highest earners – those who repay 바카라사이트 principal of 바카라사이트ir loan in full and thus 바카라사이트n repay 바카라사이트 interest.
“It’s not a question of those changes being wrong,” he added. “It’s a question of those are not 바카라사이트 core priorities.” Instead, Mr Lewis argued, students should be given “bigger [maintenance] loans to enable 바카라사이트m to live better at university. And 바카라사이트n if 바카라사이트y earn enough afterwards, 바카라사이트y can repay it.”
Mr Lewis said of 바카라사이트 factors behind his involvement with student finance: “I tend to latch on to anything where 바카라사이트re is fundamental public misunderstanding in 바카라사이트 financial and consumer finance sphere. And this to me is one of 바카라사이트 biggest issues where constantly, societally, we talk about 바카라사이트 issue wrong and people don’t get it.”
He added: “I don’t want university and education to be 바카라사이트 privilege of 바카라사이트 middle classes…I?want every bright child for whom university is right for 바카라사이트m to go. I?don’t want 바카라사이트m to be put off for 바카라사이트 wrong reasons.
“I accept that our financing system isn’t perfect, but we should at least communicate it right so 바카라사이트y can make 바카라사이트 right decisions. That’s where 바카라사이트 passion comes from.”
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