It’s certainly not a good time to be a student. A recent new analysis from the Public Accounts Committee is shedding light on the staggering cost of being a student these days. They have put the student debt that they expect in four years at £70billion and they are blaming ministers for pushing education fees to £9,000.
Student Debt Boiling Over
In four years time, the student debt in Britain is supposed to go from the current £24billion to £70billion. And these numbers could easily weigh upon a student for decades after he finishes his education, keeping him from getting a mortgage or a pension.
The report pointed to ministers at the Department of Business, Innovation and Skills because they had made the assumption that universities would continue charging an average of £7,500 each year for tuition. However, this is not the reality. Most of the universities are actually charging the £9,000 maximum that they are allowed, and this is putting pressure on the already stressed student loan budget.
Outrage Over Figures
Certainly, many are expressing outrage at these figures. As Labour’s universities spokesman, Gareth Thomas said,
“The next generation of students are facing a £70billion debt bill to pay for the unfair and unnecessary decision to treble tuition fees. This is the latest independent report to call the Government’s plans into question. David Cameron and David Willetts [universities minister] need to use the coming white paper on the future of higher education to signal a substantial rethink.”
The report didn’t only shine a spotlight on the rising debt for students; it also pointed out that these issues will affect the universities, as many could be putting themselves at financial risk.