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| Version 1 | Version 2 |
|---|---|
| 'Cut student interest rates' say MPs | 'Cut student interest rates' say MPs |
| (about 1 hour later) | |
| There is no justification for such "high interest rates" on student loans, says a committee of MPs. | There is no justification for such "high interest rates" on student loans, says a committee of MPs. |
| The Treasury Select Committee says it is unconvinced by "questionable" claims in support of charging up to 6.1% on loans that cover fees and living costs. | The Treasury Select Committee says it is unconvinced by "questionable" claims in support of charging up to 6.1% on loans that cover fees and living costs. |
| The report comes as the government prepares to unveil its review of university funding in England. | The report comes as the government prepares to unveil its review of university funding in England. |
| Committee chairwoman Nicky Morgan says the return of maintenance grants could also help to "remove barriers". | |
| Prime Minister Theresa May and Education Secretary Damian Hinds are about to launch a review which will consider cutting or freezing £9,250 tuition fees and lowering interest rates to reduce levels of graduate debt. | Prime Minister Theresa May and Education Secretary Damian Hinds are about to launch a review which will consider cutting or freezing £9,250 tuition fees and lowering interest rates to reduce levels of graduate debt. |
| There will also be discussion of funding for vocational courses and apprenticeships to tackle skills shortages. | There will also be discussion of funding for vocational courses and apprenticeships to tackle skills shortages. |
| Living costs | Living costs |
| The Treasury select committee report recommends that the review should reconsider the level of interest rates and whether these charges should be applied when students are still studying. | The Treasury select committee report recommends that the review should reconsider the level of interest rates and whether these charges should be applied when students are still studying. |
| The Institute for Fiscal Studies has shown that students in England will run up more than £5,000 in interest charges before they have even left university. | The Institute for Fiscal Studies has shown that students in England will run up more than £5,000 in interest charges before they have even left university. |
| Former Conservative and Labour education ministers, Justine Greening, Lord Willetts, Lord Adonis and Charles Clarke, have all raised concerns about the level of interest charges. | Former Conservative and Labour education ministers, Justine Greening, Lord Willetts, Lord Adonis and Charles Clarke, have all raised concerns about the level of interest charges. |
| There is also a call to consider reinstating maintenance grants for disadvantaged students, after these were abolished last year. | There is also a call to consider reinstating maintenance grants for disadvantaged students, after these were abolished last year. |
| Mrs Morgan, a former education secretary, warned that the maintenance loans available to students were not enough to cover all their living costs. | Mrs Morgan, a former education secretary, warned that the maintenance loans available to students were not enough to cover all their living costs. |
| "If a student can't access additional sources of income, they may be priced out of university," said the committee chairman. | "If a student can't access additional sources of income, they may be priced out of university," said the committee chairman. |
| The MPs are also asking for a clearer explanation of why such a high level of tuition fee is necessary. | The MPs are also asking for a clearer explanation of why such a high level of tuition fee is necessary. |
| Higher subsidies | Higher subsidies |
| The current education secretary, Damian Hinds, has said the benefit of a degree to the wider economy - and how much it costs - should be part of the review of university funding in England. | The current education secretary, Damian Hinds, has said the benefit of a degree to the wider economy - and how much it costs - should be part of the review of university funding in England. |
| In an interview with the Sunday Times, Mr Hinds suggests that higher government subsidies could be provided for more expensive courses such as engineering and other sciences | In an interview with the Sunday Times, Mr Hinds suggests that higher government subsidies could be provided for more expensive courses such as engineering and other sciences |
| The review of fees, first promised in the autumn by the prime minister, will examine whether students are paying a fair amount, whether it is the most efficient way of funding universities and whether students are getting value for money when they are graduating with an average of £50,000 in debt. | The review of fees, first promised in the autumn by the prime minister, will examine whether students are paying a fair amount, whether it is the most efficient way of funding universities and whether students are getting value for money when they are graduating with an average of £50,000 in debt. |
| Part-time numbers down | Part-time numbers down |
| It will also consider the funding of the broader post-18 education system and whether students not on three-year degree courses are getting enough support. | It will also consider the funding of the broader post-18 education system and whether students not on three-year degree courses are getting enough support. |
| Part-time student numbers fell sharply after the last fees increase - and the Treasury Select Committee has called on the review to find ways to reverse this. | Part-time student numbers fell sharply after the last fees increase - and the Treasury Select Committee has called on the review to find ways to reverse this. |
| Peter Horrocks, vice-chancellor of the Open University, said the committee of MPs "rightly recognised that part-time students have been the real victims of the 2012 reforms". | Peter Horrocks, vice-chancellor of the Open University, said the committee of MPs "rightly recognised that part-time students have been the real victims of the 2012 reforms". |
| "The collapse in part-time student numbers in England is undermining attempts to tackle the skills crisis in the economy," said Mr Horrocks. | "The collapse in part-time student numbers in England is undermining attempts to tackle the skills crisis in the economy," said Mr Horrocks. |
| A spokesman for the Department for Education said the "major review" would examine "funding across tertiary education to ensure a joined-up system that works for everyone". | A spokesman for the Department for Education said the "major review" would examine "funding across tertiary education to ensure a joined-up system that works for everyone". |