Thursday, 17 September 2009

The Impact Of Student Loans Disaster In The UK

There is a strong buzz that student loan in UK is going for a major change this current year. Many people are being told there is no specific guarantee that they will receive any funding this calendar year. And if at all they manage to get loans even, there is no security that they will receive the money on time to enter, or return to, their course in time.

The government has taken the most crucial tasks by stopping the student loan plans. It will surely have disastrous consequences. Many students will be forced to take a year out from their studies, which will send the unemployment figures even higher.

Education is expensive in UK and a majority of students depend on loans to cover their tuition and accommodation fees. The currently assigned Student Loans Company have exclusive license to issue loans, and of course the loan amounts, interest rates and repayment terms are non-negotiable. But unfortunately it has massive disparities. In some parts of country, students don’t have to pay any fees, while in some other parts they have to pay full tuition fees for the same program. This clearly indicates what a big a failure is the government’s approach, where they had claimed equal opportunity for universal higher education.

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