Postgraduate student loans of £10,000 to be made available

The BBC is reporting that a student loan system for postgraduate master’s degrees has been announced in the chancellor’s Autumn Statement…

George Osborne said it would “revolutionise” access to postgraduate university courses.

He said the cost of postgraduate courses “deters bright students from poorer backgrounds”.

The National Union of Students’ vice president, Megan Dunn, described the move as a “major step in the right direction”…

The government-backed loans, worth up to £10,000, will be available from 2016-17 and will benefit 40,000 students. The proposals expect to bring an extra 10,000 students into postgraduate study.

Loans will be offered in any master’s subject, but only to students under the age of 30, and will be repaid concurrently with undergraduate loans.

There will be a consultation ahead of the final loan details, but they could be charged at a higher rate than undergraduate loans, while remaining below commercial rates.

“In recognition of the high private return to individuals,” the Treasury says the loans will be designed so that, on average, they will be repaid in full…

Nicola Dandridge, chief executive of Universities UK, said the loans announcement was “good news”.

“We support the government’s recognition of the substantial benefits arising from postgraduate taught education, and the need for support to ensure that some students are not priced out of further study.”

The UCU lecturers’ union said it was a step in the right direction, but “more radical ideas were needed”…

More at: Autumn Statement: Postgraduate loans of £10,000

 

Sounds pretty much like a move welcomed in all corners although it makes you wonder why it hasn’t been introduced before – especially if repayment is expected in full (unlike the undergraduate equivalents). Your thoughts? Please share in the comments or via Twitter…

 

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Comments

  1. andylutwyche

    SchoolsImprove Strikes me this is just an opportunity to incur more debt before not being guaranteed a wage that would justify the debt

  2. snowdropbooks

    SchoolsImprove age discrimination needs to be tested I’d say for new loans only available for under 30’s – outrageous #EqualityAct

  3. ddubdrahcir

    SchoolsImprove Debt deters people from poorer backgrounds anyway. Low SES already an HE minority, wait and see if this makes a difference.

  4. misschambersICT

    I’ll be 31 then but would love to do a Masters in T&L. Unfortunately I won’t be able to as the costs are too high upfront. I don’t think 30 should be the cut off point.

  5. misschambersICT

    @snowdropbooks SchoolsImprove Completely agree. I’ll be 31 & would love this opportunity to complete a Masters in T&L for career development and personal interest. Grossly unfair in my view

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