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£9,000 tuition fees could be the ruin of ten universities
| Date: 10 June 2011 |
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by Seema Banga
Shortfall in higher education funds
According to the Public Accounts Committee, the coalition may be forced to either increase taxpayer’s contributions or further slash the number of student places. The manoeuvre will be a measure to plug a deficit in the higher education budget that will be worth millions of pounds.
Ministers have apparently misjudged how many universities might charge the maximum fee, thus now facing an annual bill to fund the interest-free student loans that according to the PAC, is “several hundred million pounds”.
Ten universities could be ruined
“If demand were to go down from students at home because they don’t want to incur the debt, or fewer people do postgraduate courses or fewer foreign students come to the UK, that could mean that some universities risk falling into financial instability”, Margaret Hodge of the PAC told the BBC Radio 4 Today show.
Ten universities are already considered to be at a “financial risk” by the Higher Education Funding Council for England. Mrs. Hodge suggested that some of those could now descend into financial mayhem and, for the first time in memory, collapse.
“At present, the HEFCE has a list of universities at financial risk – there are about ten of them at the moment – but it doesn’t tell the public until that university has been in financial difficulty for three years”, said Mrs. Hodge.
“If you are a student and you are risking your own money to go to a university, I think you have a right to know, because otherwise if a university were to fail, you would have put your money up front, you wouldn’t get your education and you wouldn’t get your degree”.
Mrs. Hodge’s observations come on par with a slandering report from the cross-party Commons Public Accounts Committee, declaring that ministers had wrongly assumed that students would be charged approximately £7,500 a year.
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