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'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". Education Secretary Damian Hinds said this would look at the fees that are applied to different degree courses.
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. This includes the value of the degree "to our society as a whole", he told the BBC's Andrew Marr Show.
The review, to be launched by Prime Minister Theresa May on Monday, 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.
Speaking on the BBC's Andrew Marr show, Mr Hinds would not go into specifics about the review, which he said would be carried out by an independent panel. Mr Hinds would not go into specifics about the review, which he said would be carried out by an independent panel.
He defended the current system - under which students begin to repay fees when they earn over £21,000, rising to £25,000.He defended the current system - under which students begin to repay fees when they earn over £21,000, rising to £25,000.
But he said ministers had not expected so many courses to be charging the same fee and that "more variety" was needed.But he said ministers had not expected so many courses to be charging the same fee and that "more variety" was needed.
He said the benefit of a degree to the wider economy - and how much it costs to put it on - should be looked at, but that politicians should not be setting the cost of degree courses. "What we need to look at is the different aspects of pricing - the cost that it is to put on the course, the value that it is to the student and also the value to our society as a whole and to our economy for the future," he said.
In an interview with the Sunday Times, Mr Hinds also suggested 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 also suggested higher government subsidies could be provided for more expensive courses such as engineering and other sciences.
His predecessor as education secretary, Conservative MP Justine Greening, said student finance should not be a "political football" and warned against the issue being "kicked into the long grass" with a review.
She predicted the review would face a "challenge" in trying to work out which degrees were most beneficial to the country.
Labour's education spokeswoman Angela Rayner said the government had announced three reviews of tuition fees in 12 months and that another one would not "solve the problem of the hike in interest rates which this government has done and the tripling of tuition fees".Labour's education spokeswoman Angela Rayner said the government had announced three reviews of tuition fees in 12 months and that another one would not "solve the problem of the hike in interest rates which this government has done and the tripling of tuition fees".
Analysis - what will ministers do?Analysis - what will ministers do?
This might be heralded as taking an axe to tuition fees in England, but in practice it sounds more like prudent pruning.This might be heralded as taking an axe to tuition fees in England, but in practice it sounds more like prudent pruning.
Damian Hinds has signalled that university fees and student debts are much higher than anyone really expected when the current system was introduced in 2012.Damian Hinds has signalled that university fees and student debts are much higher than anyone really expected when the current system was introduced in 2012.
The review will look for ways to push down the cost - either through lowering interest rates, restoring maintenance grants or pushing down fees for some courses.The review will look for ways to push down the cost - either through lowering interest rates, restoring maintenance grants or pushing down fees for some courses.
The most definite impact is likely to be that fees will be frozen indefinitely at £9,250.The most definite impact is likely to be that fees will be frozen indefinitely at £9,250.
But there is no sign of any radical cutting of the headline figure or pressure for a fundamentally different system.But there is no sign of any radical cutting of the headline figure or pressure for a fundamentally different system.
And he seemed to play down suggestions of different fee levels for sciences, arts and humanities.And he seemed to play down suggestions of different fee levels for sciences, arts and humanities.
On schools, Mr Hinds has positioned himself as a pragmatic traditionalist.On schools, Mr Hinds has positioned himself as a pragmatic traditionalist.
He's supportive of grammar schools - but don't expect any new ones to be opened.He's supportive of grammar schools - but don't expect any new ones to be opened.
And he will revive the prime minister's stalled plan to allow more free schools to be set up by faith groups.And he will revive the prime minister's stalled plan to allow more free schools to be set up by faith groups.
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.
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.
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.