Belfast Telegraph

Home News UK

Scrap the tuition fees causing ‘Frankenstein’s monster’ debts, Adonis says

The Government has said the current system, introduced by the coalition in 2012, is fair and warned scrapping the fees would be “mind-bogglingly expensive”.

University tuition fees are leaving students with “Frankenstein’s monster” debts and should be scrapped entirely, says the man who helped introduced them.

Lord Adonis said the current cost of tuition for many is the result of “opportunism and greed” – largely on the behalf of university bosses who now enjoy salaries of up to £400,000-a-year while many graduates on modest incomes are left with unpayable debts.

According to the recent research three-quarters of graduates paying up to £9,250-a-year will never clear their debt, while most will still be paying off their loans into their 50s.

bpanews_31711e74-2130-4881-9ad4-9dac0692db9b_embedded708895
Is it time to scrap fees? (Chris Ison/PA)

The Government has said the current system, introduced by the coalition in 2012, is fair and warned scrapping the fees would be “mind-bogglingly expensive”.

Lord Adonis, who was largely behind the Labour government’s introduction of fees of between £1,000 and £3,000, said they had become “politically diseased and should be abolished entirely”.

Writing in The Guardian, he asked: “How did we get from the idea of a reasonable contribution to the cost of university tuition – the principle of the Blair reform of 2004, for which I was largely responsible – to today’s Frankenstein’s monster of £50,000-plus debts for graduates on modest salaries?

“And why did we give university vice chancellors a licence to print money?”

bpanews_31711e74-2130-4881-9ad4-9dac0692db9b_embedded708900
Graduates are being left out of pocket. (Ben Birchall/PA)

Lord Adonis has asked the competition and markets watchdog to investigate and break up what he called a “fees cartel” of university chiefs who have exploited the £9,250 ceiling.

He said: “The greed of the vice-chancellors sealed their fate. They increased their own pay and perks as fast as they increased tuition fees, and are now ‘earning’ salaries of £275,000 on average and in some cases over £400,000.”

He also criticised the Government’s “egregious” recent decision to raise interest rates on student loans taken out since 2012 to 6.1%, citing a study by the Institute for Fiscal Studies (IFS) that suggested many would never pay them off.

The report, released on Wednesday, said: “The combination of high fees and large maintenance loans contributes to English graduates having the highest student debts in the developed world.”

The IFS also said the interest rates were “very high” at up to 3% above inflation.

A surge in support for Jeremy Corbyn among young voters in the General Election has been attributed in large part to Labour’s pledge to scrap tuition fees.

Popular

From Belfast Telegraph