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IEA - Reforming student loans will result in greater value for money
The current student loan system is no longer fit for purpose.
Commenting on the recent student march over university fees, Mark Littlewood, Director General at the Institute of Ecomonmic Affairs, said:
"Students are marching for "free" education. However, higher education can never be free - the only question is "who pays?".
"The current student loan system is no longer fit for purpose. Heavy regulation has meant students receive poor value for money, while the taxpayer is left to foot the bill as a large amount of loans are written off. It is no wonder students are frustrated.
"Students, universities and taxpayers alike would benefit from a radical shake up of the current system. Giving students the freedom to agree to pay their university a proportion of their future income would encourage universities to invest heavily in their future. Removing government and the taxpayer altogether would help alleviate pressure on the public purse."
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Notes to editors:
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
The IEA is a registered educational charity and independent of all political parties.
