An inquiry by the Higher Education Committee (HEC) has revealed there is a ?strong case? for the introduction of a student loan scheme for?postgraduates.
The inquiry suggested that unless improvements are made to the current funding system, a ?perfect storm? of limited availability of credit and fears of running up debt could cause ?significant damage? to the postgraduate?sector.
The inquiry stated that the current Professional and Career development loans system is ?in need of reform?. Last year only 44 percent of those who applied for a loan were successful, resulting in 8,884 students actually receiving a?loan.
The figure lent can vary between ?300 and ?10,000, and the commission reports that the money available is sometimes not enough to allow students to attend their first choice?course.
The National Film and Television school, it stated, have been forced to turn away Masters students from their two year ?9,800 per year courses due to ?insufficient access to?finance?.
Private finance alone, the inquiry suggested, ?will not be sufficient?. The difficulty of persuading banks to enter into large long-term unsecured loans creates ?a classic rationale for government intervention? said Tim Leunig, Policy Advisor at the Department for Education, in his evidence to the?inquiry.
Currently, 71.8 percent of those undertaking a full time taught postgraduate degree have no financial backing towards the cost of their tuition?fees.
The HEC?s suggestion of a publicly-funded scheme involves prioritising courses which add financial value, are of strategic use to the economy, or which are essential for access to a?profession.
This system, the inquiry said, ?would not substantially add to the deficit,? whilst addressing the ?new reality? of the jobs?market.
Postgraduate officer at the Students? Union, Anna Chowcat, commented on the debate over postgraduate funding: ?The issue of widening participation is starting to be discussed nationally?[postgraduate funding] is the new frontier of widening participation. If universities put up fees, funding at higher education is limited. Career development loans are available but the interest rates are so high it means graduates have to have a high paying job. So far loans are only available from Barclays and Co-Op. This isn?t working. We need a loan system similar to the undergraduate?one.?
As a result of the high wage premium generated by postgraduate study the commission suggested that ?the vast majority of loans would be repaid?. Research done by the Sutton Trust in 2010 suggests that over a working life this premium amounted to about??250,000.
?The Education Establishment in the UK has always requested more state financial intervention to solve all of its problems,? said Thomas Hatton, Deputy Chairman of the Warwick Conservative?Association.
?Instead of constantly getting the begging bowl out it should look at imaginative ways to fund postgraduate education, such as looking for private sector?sponsors.?
Another problem identified by the commission was the possible rise in fees made possible by better funding. Lord Browne?s 2010 review of higher education, which recommended the abandoning of a tuition fee cap, also pointed out that universities could ?set unrealistic fees? and yet still receive all of the fee income.?
Sebastian Averill, currently studying for an MA in Modern History, said ?I found the process of securing funding absolutely disorientating and I consider myself enthusiastic and engaged. The result was an unnecessary gap year which tested every sinew of my?patience.?
Chowcat touched on the National Union of Students? (NUS) ideas for funding: ?The NUS model is based on universities capping fees. At the moment the Russell Group don?t have an incentive to cap their fees which is a problem. It is important we start the conversation and I?m really glad the NUS and HEC have come out with a funding?model.?
Source: http://theboar.org/news/2012/nov/7/strong-case-postgraduate-loan-scheme/
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