Student loans should be scrapped and replaced with a business levy paid by employers for every graduate they hire, under a radical shakeup proposed for the university sector. iNews reports.
A report published by think tank the Higher Education Policy Institute suggests ditching the current system in favour of one paid for primarily by business.
Under the measures, the cost of higher education would spread between students, taxpayers and employers, rather than it falling on students alone to borrow money to pay for their tuition.
The report comes ahead of the highly anticipated Augur Review into post-18 education and funding, which is rumoured to be looking into a cut of tuition fees from £9,250 to £6,500.
Such a move would have huge financial ramifications for universities, with policymakers concerned it would merely advantage the middle classes.
Johnny Rich, author of the Hepi report, suggested fees could be dramatically reduced to £2,500 or £3,000, with employer contributions topping up the remainder.
“The proposal is designed to minimise student debt, but also to ensure employers don’t pay more than they contribute now, unless they get more. The same goes for taxpayers,” Mr Rich said.
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