As we know the cost of sending a child to university continues to increase every year but with the new coalition government it looks like many young people will miss out on the opportunity altogether as the average family will be unable to afford the new fees.
How much are university fees going to go up?
In England and Wales fees are set to go up from £3,290 to a staggering £9,000 a year, this will leave the average university leaver with debts of at least £43,500. The overall debt includes student accommodation, food, transport and other living expenses.
England will no longer be a place where students travel from all over the world to come and seek a university qualification as it will soon be known as the most expensive place to study in the world. Those that take out a student loan to cover the cost of university fees will only start paying it back when the earn the minimum amount required usually between £15,000 to £21,000. The more money a graduate makes then the more he is expected to pay back a year. The majority of students will only manage to pay off their debts when they reach their 50’s and those that cannot repay in time will have the debt written off after 30 years.
As a result of this mind boggling increase in fees parents and potential students will seek university placements abroad instead of their home country. Many countries around the world offer scholarships and bursaries to encourage young people to come over and learn whilst experiencing a different culture. All top universities around the world will welcome this new fee as it will benefit their country more as more families will look at ways to save money.
One other thing that just doesn’t make sense is graduates from a few years ago are still struggling to find a job in their field so they have been forced to work in low paid jobs such as call centres and supermarkets whilst they search for their dream job. As a result of this many graduates are just about starting to pay off their students loans but when they want to settle down and buy a house they will find it even harder to get a mortgage due to unpaid debts.
Degrees are pretty much worthless in this country as there are simply not enough jobs to go around so I just don’t understand how it is justified to make people pay for something that they have no guarantee will pay off in the future.