Russell Group Recommends Quicker Loan Payment

Here’s a disgusting little bit of betrayal from the Russell Group universities, reported this morning:

In their submission to the Review of Higher Education and fees, the Russell Group has suggested that graduates should pay back loans faster and at an increased rate of interest, in order to plug emerging gaps in research budgets.

What the fuck?! So, students should pay more for their education, whilst getting less (since universities are cutting like crazy), and then they should be asked to pay back these enormous sums faster and at above inflation interest? This is a sure fire way to fuck over an entire generation.

Yet, it makes sense: if you increase fees you also have to increase student loans in order to keep the system running. But, the student loan debt would increase massively and suddenly. If fees go up to £7000, then that’s an extra £3000 per student per year for someone to loan out. Given the running costs I’m not sure it wouldn’t be cheaper for the Govt. to give the money directly to universities. I’m no financial expert, but this is what I forsee: to make increased student loans balance, these loans will become more exploitative. Rather than being an alturistic tool, if the fee rise goes through they will become a further covert way of making money out of students.

Anyway, this is bad news and it’s time to get students organised.



~ by Wit on May 14, 2010.

One Response to “Russell Group Recommends Quicker Loan Payment”

  1. […] Russell Group Recommends Quicker Loan Payment « Unspeakable … […]

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