WHATCHU TALKIN’ ‘BOUT WILLETTS?

University Minister David Willetts has been forced to defend the student finance system after it was described as unsustainable.
Willetts took the stand following claims from Vice-Chancellor of the University of Exeter, Steve Smith that the number of students who see their loans written off means that the current finance system would struggle to survive in the long-term.

With current graduate salaries lower than expected, the proportion of students not paying back their loans, otherwise know as the ‘RAB charge’ stands at 35%.
Willetts told Times Higher Education: “In the future, as and when earnings start to rise a bit more rapidly than forecasters assess…then there will be a period of time where the RAB charge is falling.

“The scheme is not unsustainable – the underlying logic is that…by and large going to university is good for [students], and good for the country.”

These words followed the claim from Smith that: “Any incoming government in 2015 to look again at the student finance system and to try to reduce its costs.”

This is an issue that is of particular focus at the University of York, with graduate employment at York considerably less than other top universities in the United Kingdom.

YUSU President Kallum Taylor told Vision: “It’s really worrying that there are still many questions being asked about the Government’s HE reforms. The loans system for £9k was one of the main arguments to win people over, and it’s still falling short, not just with the usual crowd, but many experts and University heads across the sector.

“There’s nothing solid to support Willett’s claim that wages will increase to then deliver on repayments – and if those wages do, what of their value? Currently it’s looking more expensive than that of the old regime!”
Taylor also agreed with Smith, saying: “The Government, or that of post 2015, badly need to rethink the approach to funding HE – at the minute they’re just tying themselves in knots and brushing future troubles under the carpet.”