The Effects of High Tuition Fee to the Uk Economy
Introduction
In this analysis I will be looking at how the effect that the higher university fees introduced in 2012 has had on the UK economy. I’ll be analysing the social, economical and political effects of the topic explaining a short part of the system and the different points of views including my own.
What is tuition fee?
Tuition is a fee paid for instruction which is especially seen in higher education. [ (longman, 2008) ]Tuition fees; was introduced in 1998 around the whole of the united kingdom, for funding tuition in universities for undergraduate and postgraduate students, where it was required for students to pay up to £1,000 a year for tuition. This was done to fund and help the universities to compete with other universities on a global scale. [ (news, 2009) ]
Social effects
Last year, in 2012 universities in England where and still are able to charge tuition fees of up to £9,000 per year. This rise of tuition has caused a lot of individuals to think that higher education is no longer affordable to those with standard or low income and has caused 15,000 fewer applicants. [ (vasgar, 2012) ] Plus most students pay their tuition with a loan they borrow from the student finance company where this debt is to be payed after the student graduates and are earning the minimum threshold amount of £21,000 per annual year. After graduation, every year 9% of the student’s income will be payed to the student finance company, now the more you earn the more money that is payed towards the debt, but now that the fees have risen, a service such as this that is provided is still off putting for students, that is because you will graduate and take a step in to life with a huge some of debt.
BBC news has made a student finance calculator on their website which is designed to provide a general illustration of cost of financing in various scenarios, rather than to give precise predictions of how much individuals will have to pay. (Figure 1) [ (Knight, 2011)
In this analysis I will be looking at how the effect that the higher university fees introduced in 2012 has had on the UK economy. I’ll be analysing the social, economical and political effects of the topic explaining a short part of the system and the different points of views including my own.
What is tuition fee?
Tuition is a fee paid for instruction which is especially seen in higher education. [ (longman, 2008) ]Tuition fees; was introduced in 1998 around the whole of the united kingdom, for funding tuition in universities for undergraduate and postgraduate students, where it was required for students to pay up to £1,000 a year for tuition. This was done to fund and help the universities to compete with other universities on a global scale. [ (news, 2009) ]
Social effects
Last year, in 2012 universities in England where and still are able to charge tuition fees of up to £9,000 per year. This rise of tuition has caused a lot of individuals to think that higher education is no longer affordable to those with standard or low income and has caused 15,000 fewer applicants. [ (vasgar, 2012) ] Plus most students pay their tuition with a loan they borrow from the student finance company where this debt is to be payed after the student graduates and are earning the minimum threshold amount of £21,000 per annual year. After graduation, every year 9% of the student’s income will be payed to the student finance company, now the more you earn the more money that is payed towards the debt, but now that the fees have risen, a service such as this that is provided is still off putting for students, that is because you will graduate and take a step in to life with a huge some of debt.
BBC news has made a student finance calculator on their website which is designed to provide a general illustration of cost of financing in various scenarios, rather than to give precise predictions of how much individuals will have to pay. (Figure 1) [ (Knight, 2011)