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Are you concerned about the chancellor George Osborne’s 2015 budget for higher education? Numerous students and experts across the UK have criticised the decision that grants are to be discarded and replaced with loans for poorer students from September 2016 as aspiring learners are now having doubts whether they will be able to accomplish their academic goals.
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The Osborne budget
Osborne remained firm on his decision and claimed that the move will fetch enhanced “fairness” to the funding system in higher education. He also said that this decision will result in saving £2.5bn even before the commencement of the next general election. However, if you want to know how you can deal with the new budget plans and still pursue higher education, then we have exactly what you are looking for.
Here are a few tips from the editor-in-chief of money.co.uk and renowned personal finance expert, Hannah Maundrell, on how you can pursue a university degree from the UK after September 2016 without running into excessive student debts....
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What does the budget mean for students?
The most important thing we need to realise that the onus is primarily on the universities to help learners from impoverished backgrounds. If you are a student from a low income family and searching for better options, then you must consider financial support as an highly important factor.
Do not let this transition from grant to loan discourage you and avoid higher education. You will only feel the financial burden when you start earning sufficiently and when you will be unable to repay your loan before the 30 year limit is over.
So much doublespeak in Osborne's budget. Slashing student maintenance grants increasing access to education?! #budget2015— Stephen Gaskell (@stvgskll) July 9, 2015
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What should students do?
It is not mandatory that you will need to pursue a university degree. There are various other options available for you that can offer you world-class learning experience without feeling any financial burden. I believe one of the most feasible and beneficial options is to pursue an online degree.
there is a great demand for online learning courses from both students and employers worldwide. You will not only receive quality education, but you will have excellent networking opportunities and become eligible for high paying jobs in leading companies. Moreover, by studying an affordable UK university degree, you will be able to avoid the the financial burden created by Osborne's budget plans and earn a recognised degree without taking out student loans. You can also do an internship or apprenticeship while pursuing an online course and gain relevant work experience to boost your employability.
Here are few reaction of the young students
— Unite the union (@unitetheunion) July 21, 2015
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How will the budget affect the future of education?
It is simply make higher education more expensive. It seems that tuition fees are set to increase further and in future, government can instruct graduates to repay their student loans faster, with more interest and in full amount. The UK government has hinted plans to pressurize new graduates even more by making the repayment threshold freeze for 5 years at £21,000.
In this scenario, online learning programmes simply seem better and more feasible for most students now, especially for poorer students.
What do you think? Feel free to share your thoughts and views with us by commenting below.