Theresa May has stated that the English education system is one of the most expensive in the world and has announced that she will provide an independent review of fees and student finance on Monday.
This review will be a yearlong event, and will warn that the system has failed to deliver competition within the Market. This is due to most courses charging students the maximum amount they can do, which is £9,250 per year.
The Labour party believe that all tuition fees should be scrapped, and they believe that the tuition fee system is unsustainable and therefore they should be banned.
The tuition fee
Universities can charge up to £9,250. But do not have to charge this full amount if they wish not to. The students do not have to pay this upfront, but can borrow this from Student Finance. However, you do not have to pay these loans off until you are earning £21,000.
If you have not paid off your loan after 30 years from graduating, then the unpaid debts are written off. Once you do borrow a loan out, then you will be charged 6.1% of interest. This interest is building up while students are still at university, making it an average of £5,000 before they have even left.
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