More than half of Britain’s graduates would walk away from student loans if they could decide again. A parliamentary inquiry received over 52,000 responses within a month, including more than 49,000 from people who hold loans. Among respondents, 57% said they did not understand the terms and conditions of repayments at the time of signing, and 51% said they would not take out a loan again. At the same time, 91% said they could not have gone to university without a loan. Repayment costs are described as a monthly drag that delays major life decisions such as buying a first home, starting a family, and accepting promotions. A separate review found that one in ten NEETs holds a degree, and employers are demanding skilled labour while education is not providing it.
"More than half of Britain's graduates would walk away from a student loan if they had the chance to decide again, according to one of the largest public responses ever received by a parliamentary inquiry, a finding that should rattle ministers, universities and employers in equal measure."
"Of the 49,000-plus respondents who hold a loan, 57 per cent said they did not understand the terms and conditions of their repayments at the point of signing, and 51 per cent said they would not take one out again. Yet 91 per cent admitted, with equal candour, that they could not have gone to university without one, a tension that lies at the heart of the policy headache now facing the Treasury."
"Respondent after respondent told the committee that the monthly drag of repayments was forcing them to defer the very life decisions that drive consumer demand and entrepreneurial risk-taking: buying a first home, starting a family, even accepting a promotion that nudges them into a higher repayment band."
"Sir Alan told the Financial Times that "employers are demanding skilled labour, but the education system is not providing it," a complaint that will resonate with SME owners who have"
Read at Business Matters
Unable to calculate read time
Collection
[
|
...
]