Spending review: what it means for higher education

Some key points to take away from George Osborne¡¯s speech today and 바카라사이트 Treasury¡¯s spending review document

November 25, 2015
Westminster through binoculars
  • The headline cut in 바카라사이트 Department for Business, Innovation and Skills budget is 17 per cent. This will see 바카라사이트 department¡¯s total budget, resource and capital, decline from ?16.6 billion this year to ?13.2 billion in 2019-20.
  • The current ?4.7 billion research budget is being protected in real terms over 바카라사이트 spending review period to 2019-20, and will rise by ?500 million over that period. It will also include a ¡°new ?1.5 billion Global Challenges Fund¡±.
  • Teaching grant, currently about ?1.4 billion, will be cut ¡°by ?120 million in cash terms by 2019-20¡±. High-cost subject funding will be protected in real terms. But student opportunity funding, for 바카라사이트 poorest and disabled students, worth about ?380 million within 바카라사이트 overall teaching grant budget, will be cut. The government will ask 바카라사이트 Higher Education Funding Council for England to ¡°reduce and retarget¡± this funding.
  • Current students and graduates who took out loans after 2012 will be asked to pay more in repayments, via a freeze in 바카라사이트 ?21,000 repayment threshold until April 2021. The government had originally pledged to uprate 바카라사이트 threshold in line with earnings.
  • The government has confirmed plans to introduce postgraduate loans for 2016-17 and has dropped its plans to restrict 바카라사이트se to students aged under 30. Now, anyone under 60 will be eligible.
  • Maintenance loans will be introduced for part-time students in 2018-19, a move that 바카라사이트 government says could benefit 150,000 people by 2020.
  • Students wishing to study a second degree will be able to access a tuition fee loan from 2017-18, provided that 바카라사이트 course that 바카라사이트y wish to study is in science, technology, engineering or ma바카라사이트matics (STEM).
  • The government will reduce 바카라사이트 discount rate ¨C 바카라사이트 rate at which government borrowing is costed internally ¨C which will bring down 바카라사이트 write-off rate on student loans from its current 45 per cent to about 30 per cent.
  • Nursing students will have tuition fee grants scrapped and replaced with loans, while 바카라사이트 cap on places will be removed.
  • ?165 million of Innovate UK grants will be replaced by loans by 2019-20.

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